«No department has the right to sign mandatory insurance contracts without a tender» says Pashinyan

During a government meeting, Prime Minister Nikol Pashinyan addressed the liberalization of the mandatory insurance system. He stated, “This conversation within the government began from the fact that it has been set as an objective to conduct mandatory insurance for all state-owned vehicle institutions through a competitive process. When we researched this area, we found that there are problems because, essentially, prices are set from the start, and there is no market approach. I have instructed that the procedures be reformed so that auto insurance occurs exclusively through a competitive process. I believe we have made quite good decisions on this path, a serious institutional reform, the results of which will also be enjoyed by the law-abiding citizens of the Republic of Armenia in terms of adhering to traffic regulations.”

According to Central Bank Chairman Martin Galstyan, starting April 1, citizens will be able to see the price offerings of all insurance companies on the online platform when signing a mandatory insurance contract and can choose the best price-quality ratio for themselves. “No department has the right to sign mandatory insurance contracts without a tender,” Pashinyan emphasized.