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Governance, Risk and Compliance - The Armenian Insurance Industry

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Published Date : Jun 2015

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No. of Pages : 37 Pages


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Armenia, including:
  • An overview of the insurance regulatory framework in Armenia.
  • The latest key changes and changes expected in Armenia's insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Armenia.
  • Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Executive summary

Timetric’s 'Governance, Risk and Compliance - The Armenian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Armenia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.


  • This report covers details of the insurance regulatory framework in Armenia.
  • The report contains details of rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the Armenian insurance regulatory framework.
  • The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.
  • The report provides details of taxation imposed on insurance products and companies.

Reasons to buy

  • Gain insights into the insurance regulatory framework in Armenia.
  • Track latest regulatory changes and expected changes impacting the Armenian insurance industry
  • Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country
  • Understand key regulations and market practices relating to various types of insurance product.

Key highlights

  • The Armenian insurance industry is regulated by the Central Bank of Armenia (CBA). 
  • FDI is permitted in the Armenian insurance industry up to 100%.
  • The Armenian government introduced export insurance on March 29, 2013. 
  • The CBA does not permit the practice of composite insurance; however, reinsurers are permitted to engage in both life and non-life reinsurance business.
  • Non-admitted insurance is prohibited, however unlicensed reinsurers are permitted to engage in both life and non-life reinsurance business.
Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and market practice by Type of Insurances
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability
2.4.2 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Central Bank of Armenia (CBA)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Table

Table 1: Insurance Industry Definitions
Table 2: Armenia – Life Insurance Regulatory Framework
Table 3: Armenia – Property Insurance Regulatory Framework
Table 4: Armenia – Motor Insurance Regulatory Framework
Table 5: Armenia – Liability Insurance Regulatory Framework
Table 6: Armenia – Rating Agencies and Minimum Required Ratings
Table 7: Armenia – Corporate Tax Rates for the Financial Year 2014

List of Chart

Figure 1: Armenia – Insurance Regulatory Framework 
Figure 2: Armenia – Insurance Supervision and Control at Various Levels 
Figure 3: Armenia – Insurance Regulatory Frameworks for Company Registration and Operation

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