Armenia Insurance Industry – Governance, Risk and Compliance
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Armenia Insurance Industry Regulation Overview
The Central Bank of Armenia (CBA) acts as the regulator of the Armenia insurance industry while the International Association of Insurance Supervisors (IAIS) and the Association of the Participants of the Insurance Market act as the other supervisors. The Armenia Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health (PA&H), and marine, aviation, and transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Central Bank of Armenia (CBA)
· International Association of Insurance Supervisors (IAIS) · Association of the Participants of the Insurance Market |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Private Healthcare Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Armenia Insurance Industry – Key Regulators and Legislation
Central Bank of Armenia (CBA): The CBA derives its power from the Insurance Law which regulates the conduct of operations and mediation in the insurance industry. The CBA is an independent institution with headquarters in Yerevan. Some of the objectives of the CBA include overseeing the operations of insurance, mediation, reinsurance, and pension funds, inspecting and supervising the industry, its companies, and products, and regulating the maintenance of solvency margins.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Armenia Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Armenia insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Private Healthcare Insurance
Armenia Insurance Industry Analysis by Compulsory Insurances
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Armenia Insurance Industry - Company Registration and Operation
A license is required to operate in the Armenia insurance industry. Article 39 of the Law stipulates that insurers and reinsurers need to obtain a license from the CBA to underwrite, advertise, and sell insurance products in Armenia. Additionally, any intermediary or person exercising insurance mediation activities also needs to be registered.
Insurers are only permitted to operate within those classes for which they have been granted a license. The CBA does not permit the practice of composite insurance. However, life insurers are permitted to carry out personal accident and health insurance business, and reinsurance companies are permitted to engage simultaneously in both life and non-life insurance business.
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Armenia Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Armenia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation is administered and supervised by the Tax Service. Within the framework of the jurisdiction provided by the service, the tax body The State Revenue Committee enforces the law. A company is considered a resident in Armenia if it is established in the country and is registered with the Company Register and the tax authorities. The residents are taxed on their worldwide income while non-residents are taxed on income earned only in Armenia.
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Scope
This report provides:
- Details of the insurance regulatory framework in Armenia
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Armenian insurance industry is regulated by the Central Bank of Armenia (CBA).
- Non-admitted insurance is prohibited but unlicensed reinsurers are permitted to engage in both life and non-life reinsurance business.
- Motor third-party liability insurance is compulsory.
- The CBA does not permit composite insurance; however, reinsurers are permitted to engage in both life and non-life reinsurance business.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Armenia.
- Track the latest regulatory changes and expected changes impacting the Armenian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Armenia insurance industry?
The Central Bank of Armenia (CBA) is the key regulator of the Armenia insurance industry.
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Which other bodies oversee the Armenia insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Association of the Participants of the Insurance Market oversee the Armenia insurance industry.
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Which are the compulsory insurances required within the Armenia insurance industry?
Some of the key compulsory insurances required within the Armenia insurance industry are motor third-party liability insurance, aviation liability insurance, professional indemnity insurance, social security insurance, and private healthcare insurance.
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What are the types of taxes imposed upon the Armenia insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Armenia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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