From Now On, the "Account Number" Field is Mandatory for Concluding the Compulsory Insurance Agreement

The Bureau of Car Insurers of Armenia has issued a statement informing that as of April 1, the "Account Number" field is mandatory for concluding a Compulsory Insurance Agreement.

“Dear consumers, as you know, starting April 1, the "Account Number" field in the Compulsory Insurance Certificate is mandatory for the conclusion of the insurance agreement.

We inform you that the reasons for receiving a message about the invalidity of the bank account number during the concluding of the insurance agreement may include the following:

1. The account number is incomplete or incorrect. In this case, please verify that the entered account number is complete and correctly entered.
2. The numbers from the card have been indicated instead of the account number. The account number associated with this card can be verified through the relevant bank’s mobile application or by contacting the bank directly.
3. The account number does not belong to the insured. In this case, the insured must contact the bank to open an account in their name or authorize another person to receive the amounts payable under the insurance agreement by entering the authorized person's account number in the relevant field.
4. The account number has been newly created and has not yet been reflected in the Central Bank of Armenia's registry. According to the Bureau, such data is reflected within 1-3 working days after the account is opened. In this regard, it is recommended that customers who have newly opened a bank account contact the respective bank to organize the transfer of the relevant data as quickly as possible, indicating the purpose of opening the account.
5. It should also be noted that the Bureau is working with banks to expedite the process of transferring information about the accounts opened for concluding the insurance agreements to the Central Bank of Armenia.
6. The entered account number is a special banking account provided for in Chapter 50.1 of the Civil Code of the Republic of Armenia (for example, a social security (pension) account), which, according to the aforementioned chapter, may only receive funds transferred for specific purposes (such as pensions). In this case, you must enter another account number belonging to the insured for the conclusion of the agreement.
7. The entered account number is linked to a card of the "MIR" payment system, which, according to announcements made by some banks, may have restrictions.

If none of the above-mentioned cases apply, but you received a message about the invalidity of the bank account number while concluding the insurance agreement, please contact the corresponding bank servicing that account to identify the causes of the issue,” the statement reads.