CBA REGISTERS ALPHA INSURANCE COMPANY

Noyan Tapan
Feb 12, 2008

YEREVAN, FEBRUARY 12, NOYAN TAPAN. By the February 12 decision of
the Central Bank of Armenia (CBA) Board, Alpha Insurance CJSC was
registered and granted a nonlife insurance licence. NT was informed
by the CBA press service that this licence gives Alpha Insurance
the right to insure against accidents of land transport (except for
railway transport), fire and natural disasters, accidents, as well
as to insure responsibility caused by the use of land motor transport
(including cargo transporting one), cargo responsibility and overall
responsibility.

The CBA chairman Tigran Sargsian stated in late November of 2007 that
as a result of legislative reforms in Armenia’s insurance sector and
the introduction of international regulation standards, 6 insurance
companies stopped operating in 2007. According to him, 9 insurance
companies operating in late November had 38 thousand insurance
contracts or by 30% more than 15 insurance companies had in 2006.

Earlier the CBA chairman said that starting from 2008, first-calss
foreign insurance companies will operate in Armenia’s insurance market,
on which the CBA has reached preliminary agreements. In his words,
in all likelihood a British insurance company will be the first to
work in the insurance market of our country.

From: Emil Lazarian | Ararat NewsPress