Insurance Rates in Armenia Fixed, Central Bank President States

The Prime Minister of Armenia, Nikol Pashinyan, addressed the government's meeting regarding the anti-corruption policy session held last Saturday in Jermuk. According to him, various publications create the impression that there are parallel realities—fighting against corruption in front of cameras while, in fact, engaging in the opposite. 'There are reports that there are corrupt manifestations in the insurance sector of state agencies' vehicles. I remember that we once talked about implementing everything through a competitive process; what is the reason we have not yet implemented the compulsory insurance system for these accidents through a competitive process?' he stated.

Central Bank President Martin Galstyan elaborated that the insurance rate system is currently fixed in Armenia. 'There are certain limitations related to doing it competitively for a simple reason: the price is fixed. From April 1, 2023, the market will be fully liberalized, allowing public bodies and citizens to choose the company that offers the best rate-to-quality ratio.'

Chairman of the State Committee Argishti Kyaramyan also added that this issue has been discussed within the Committee. Pashinyan also instructed the Minister of Internal Affairs: 'Publish the documents, let the public see what is happening.'