LAW OF THE REPUBLIC OF ARMENIA

of November 13, 2017 No. ZR-190

About entering of amendments and changes into the Law of the Republic of Armenia "About bankruptcy of banks, credit institutions, the investment companies managing investment funds and insurance companies"

Accepted by National Assembly of the Republic of Armenia on October 25, 2017

Article 1. In article 31 of the Law of the Republic of Armenia of November 6, 2001 ZR-262 "About bankruptcy of banks, credit institutions, the investment companies managing investment funds and insurance companies":

To add 1) with part 1.1 following of content:

"1.1. The requirements following from insurance contracts are satisfied from assets, equivalent to technical reserves of the insurance (reinsurance) company, out of turn in the following sequence:

1) first of all - the requirements which arose from the damage caused to life or health of person, following from agreements of compulsory insurance;

2) at second priority - other requirements following from agreements of compulsory insurance;

3) in the third queue - the requirements which arose from the damage caused to life or health of person, following from agreements of voluntary insurance;

4) in the fourth queue - other requirements following from agreements of voluntary insurance;

5) in the fifth queue - the requirements which arose from the damage caused to life or health of person, following from agreements of reinsurance in the risks accepted (undertaken) by reinsurance;

6) in the sixth queue - other requirements following from agreements of reinsurance in the risks accepted (undertaken) by reinsurance;

7) other requirements following from insurance contracts, which are not included in queues with the first on the sixth.

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