of November 13, 2017 No. ZR-189
About modification and amendments in the Law of the Republic of Armenia "About insurance and insurance activity"
Accepted by National Assembly of the Republic of Armenia on October 25, 2017
Article 1. In article 3 of the Law of the Republic of Armenia of April 9, 2007 ZR-177-N "About insurance and insurance activity" (further - the Law):
Item 5 after the word of "Company" to add 1) with the words "or foreign insurance company";
To add 2) with Item 28 of the following content:
"28) the insurance company having system value - the Company is considered the Central bank having system value if deterioration in financial position or insolvency or bankruptcy or liquidation of this company can make essential negative impact on financial system and (or) other sectors of the Republic of Armenia.
The essential negative impact on financial system and (or) other sectors of the Republic of Armenia is estimated, assuming as a basis the size of this Company, interrelation with other participants of financial system of the Republic of Armenia, replaceability of the services rendered by the Company, nature, complexity and (or) risk-taking of the actions performed by the Company. Central Bank, assuming as a basis the criteria established by this Item establishes procedure for recognition of the Company having system value ".".
Article 2. To state part 4 of article 13 of the Law in the following edition:
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