of October 29, 2020 No. ZR-474
About modification of the Law "About Insurance and Insurance Activity"
Accepted by National Assembly of the Republic of Armenia on October 27, 2020
Article 1. "About insurance and insurance activity" to state part 3.2 of article 81 of the Law of April 9, 2007 to No. ZR-177 in the following edition:
"3.2. Insurance companies shall conform to the rules of business behavior provided by part 3.1 of this Article.
In case of confirmation by court or the Conciliator of financial system or commercial arbitration of the fact of violation by insurance company of requirements of the rules of business behavior established by the regulatory legal acts of the Central bank provided by part 3.1 of this Article, the insurance company shall pay the client of 300 000 (three hundred thousand) dram of the Republic of Armenia, except as specified, when as of day of appeal to the court, commercial arbitration or to the Conciliator of financial system:
1) the Company took all necessary actions for recovery of the violated right of the client and
2) actually eliminated violation of the right of the client which is possible for eliminating, and
3) the client owing to violation of the right did not suffer the actual damage established by the Civil code of the Republic of Armenia and if it suffered such damage - it was compensated by the Company.
In case of impossibility of elimination of the violations of the right established by this part, availability of the conditions provided by Items 1 and 3 of this part is enough for application of the exception provided by this part.".
Article 2. This Law becomes effective next day after its official publication and extends also to the relations which arose from the agreements signed before entry into force of this Law which violations happened before entry into force of this Law however the client in court, commercial arbitration or to the Conciliator of financial system to the introduction of the Law the requirement about confirmation of violation of the rights was not provided to force.
President of the Republic
A. Sargsyan
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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