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LAW OF THE REPUBLIC OF ARMENIA

of May 22, 2007 No. ZR-177

About insurance and insurance activity

(The last edition from 11-07-2019)

Accepted by National Assembly of the Republic of Armenia on April 9, 2007

Main objectives of this Law are protection of the rights of insurers, insured persons and beneficiaries, ensuring stable development, reliability and normal activities of system of insurance and creation of equal conditions for the free economic competition between persons performing insurance activity.

Section 1. General provisions

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

1. This Law governs the relations connected with the organization and implementation in the Republic of Armenia of insurance, reinsurance, insurance intermediary activity and creation, licensing, activities and the termination of activities of insurance companies (further - the Companies), the reinsurance Companies, persons performing insurance intermediary activity with implementation of the state control of insurance, reinsurance and insurance intermediary activity, and also other relations connected with insurance.

2. The foreign Companies can perform insurance activity in the territory of the Republic of Armenia without organization of branch or the affiliated legal entity by means of the public offer only if they are registered in the countries which are the parties of the agreements signed within the World Trade Organization which also the Republic of Armenia joined, at the same time they can perform the insurance connected only with the following risks:

1) maritime transports, civil aviation, launch of spacecraft, the freight (including the accompanying and service personnel). Such insurance can extend to the transported property transporting means and the responsibility following from transportation both on combined and on each of them separately;

2) international cargo transportation;

3) the reinsurance, retrocession and other services connected with reinsurance.

The insurance specified in this part can be performed in the territory of the Republic of Armenia by the foreign Company through insurance intermediaries or without them and shall correspond to the laws and other regulatory legal acts of the Republic of Armenia.

The concept of the territory of the Republic of Armenia is established by the Law of the Republic of Armenia "About frontier".

3. This Law does not extend to the fund guaranteeing compensation of deposits, created according to the procedure, established by the Law of the Republic of Armenia "About guarantee of compensation of bank deposits of physical persons", the State Social Insurance Fund of the Republic of Armenia, and also to banks and credit institutions – regarding provision of bank and credit guarantees, to the commercial organizations - regarding guarantee maintenance of the goods sold by them.

4. This Law does not extend to compulsory social insurance, however extends to the voluntary accumulative pension insurance performed by the Companies. The companies can perform only voluntary accumulative pension insurance according to the scheme "the established pensions" provided by the Law of the Republic of Armenia "About funded pensions".

5. Additional requirements to activities of the subjects performing activities of insurance, reinsurance as members of financial group, are established by the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia.

Article 2. The legal acts regulating insurance

1. In the Republic of Armenia insurance is regulated by the Constitution, international treaties of the Republic of Armenia, the Civil code of the Republic of Armenia, this Law, other laws and regulatory legal acts of the Central bank adopted on their basis.

2. The opinion requested by this Law and the conclusion of the Central bank shall be included in the relevant decision of Council of the Central bank which is made based on the drawn opinion or the conclusion.

3. Acts of Council, the Chairman and the Commission on licensing of the Central bank can be appealed judicially, and acts of the Commission on licensing – also according to the procedure of subordination (in case of which the protest is considered by Council of the Central bank), by persons whose rights are violated by these acts.

Article 3. The basic concepts applied in the Law

In sense of this Law:

1) aktuar – person having the corresponding qualification established by this Law who using mathematical, statistical and other techniques estimates possibility of approach of certain events and calculates the sizes of insurance rates, insurance premiums, insurance sum, technical reserves, pensions, annuities and other similar indicators;

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