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ABC Finance


 

Address: Yerevan 10, Vazgen Sargsyan st. 6

Tel. number: + (37410) 592 697, + (37410) 592 698

FAX: + (37410) 565 496

E-mail: consumerinfo@cba.am

Website: www.abcfinance.am

 


Attention: The Company is not responsible for the accuracy and reliability of the content of the linked web-sites, the ads, which are featured in the linked web-sites, and the Company is not responsible for the possible consequences of the use of the information contained on those sites.

Financial System Mediator

Mediator: Piruz Sargsyan
Address: RA, 0010, Yerevan, M. Khorenatsi st. 15, «Elite Plaza» business center, 7th floor.
Tel. number: +374  60 70-11-11
Fax: +374 10 58-24-21
E-Mail: info@fsm.am
Web-site: www.fsm.am
Working days: Երկուշաբթի-ուրբաթ
Working hours: 09:00-ից մինչև 18:00,

 

The goals of the Financial System Mediator are:

  • Protection of consumer rights and interests in the financial sector,
  • A fast, efficient and free investigation of consumer demands,
  • Increasing public confidence in the financial system.

For more detailed information regarding the Financial System Moderator, visit the official web-site:


Attention: The Company is not responsible for the accuracy and reliability of the content of the linked web-sites, the ads, which are featured in the linked web-sites, and the Company is not responsible for the possible consequences of the use of the information contained on those sites.

Legislation

RA Law on Insurance and Insurance Activities

“Civil Code of the Republic of Armenia”, Chapter 54, Insurance

Law of the Republic of Armenia on “Compulsory Insurance of Liability deriving from the Use of Motor Vehicles”

“Publication of Information by Banks, Credit Organizations, Insurance Companies, Insurance Brokers, Investment Companies, Investment Fund Managers, Central Depository and Payment and Settlement Organizations”

REGULATION 3/01
Procedure for Licensing, Registration, Consent, Certification, Professional Compliance Testing and Qualification

REGULATION 3/02
The size of the basic economic standards of the insurance business, the procedure of its formation and calculation, the criteria for re-insurers not to be prohibited

REGULATION 3/03
Types of technical reserves, process of their formation

REGULATION 3/04
Insurance Company Reporting Forms, Information Included, Procedure and Deadlines

REGULATION 3/07
Functions to be delegated under the Contract of Delegation of Insurance Functions, Documents and Information Submitted to the Central Bank of the Republic of Armenia for Prior Authorization of Insurance Function Delegation, their Content, Procedure and Form of Submission, Procedure, Terms and Conditions of Issuance of Prior Authorization

REGULATION 3/08
Methodology for calculation of the summary of the performance indicators (quarters) of insurance companies operating in the Republic of Armenia

REGULATION 3/09
Procedure for the classification and use of insurance companies’ assets and possible loss reserves

REGULATION 3/10
Minimum requirements for the internal control system of an insurance company

REGULATION 3/11
Criteria presented to the auditor of the financial and economic activity of insurance companies

REGULATION 3/12
The procedure of reorganization of an insurance company

REGULATION 3/13
Documents and information required for insurance company self-liquidation, self-liquidation permit issuance, forms of liquidation comity (or manager) reports, procedure, frequency and timing, list of information published by the liquidation comity (or manager), publishing procedure and form

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For more information on CMTPL laws and regulations you can visit the website of the Armenian Motor Insurance Bureau.

Attention: The Company is not responsible for the accuracy and reliability of the content of the linked web-sites, the ads, which are featured in the linked web-sites, and the Company is not responsible for the possible consequences of the use of the information contained on those sites.

Glossary of Insurance Terms

This glossary includes an explanation of the terms most commonly used in insurance contracts and in general in the insurance industry.

Glossary of Insurance Terms

 

Insurance agent

Person registered in the Central Bank Insurance Agent Register for carrying out activities of insurance agent in the Republic of Armenia.

Policy Holder

The party to the insurance contract to whom or by indicating the insurer the person (beneficiary) is obliged to compensate for the damage caused by the occurrence of an insurance event (insurance accident) or part thereof or to provide a certain amount by the force of the event (insurance event) in accordance with the contract terms of insurance contract.

Insured Person

The insured person is the person to whom the occurrence of the insurance accident is the subject of an insurance accident.

Insurance Object

The object of insurance is the property and personal interests to be insured.

Insurance Risk

Insurance risk is the probable magnitude of the damage that may occur as a result of an accident occurring with a certain probability and chance.

Insurance Compensation

Insurance compensation is the sum payable by the insurer to the policyholder or beneficiary on the basis of an insurance contract in monetary terms or equivalent.

Insurance Amount

The insurance amount is the maximum amount of possible insurance compensation payable by the insurer.

Insurance Premium

The insurance premium is the amount to be paid by the insurer to the insurer for possible insurance compensation.

Insurance Event

An insurance event is an event or event foreseen by an insurance contract, by virtue of which the insurer is obliged to pay the insurance compensation to the policyholder or beneficiary.

Accident

An accident is a sudden short-term external impact that results in the health of the Insured deteriorating or the death of the Insured.

Insurance Broker

Commercial organization licensed to conduct insurance brokerage activities in the Republic of Armenia.

Insurance agent activity

Carrying out insurance intermediary activity on behalf of one or more insurance or reinsurance companies.

Insurer

An insurance company or a branch of a foreign insurance company operating in the territory of Armenia.

Insurance brokerage activity

Activities done by third parties, which result in: establishment of insurance relations between the insurer (re-insurer) and policyholders, motivating, facilitating, supporting organizational, factual and realistic activities, including realization of insurance and reinsurance contract preparation work, including provision of insurance Implementation of Insurers Signing Insurance and Reinsurance Contracts with Specific Insurers Assistance in the execution of insurance and reinsurance contracts, including the collection of insurance premiums and the transfer of benefits, to the extent permitted by the policyholder or the Company.

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