LAW OF THE REPUBLIC OF ARMENIA

of May 22, 2007 No. ZR-183

About modification and amendments in the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia"

Accepted by National Assembly of the Republic of Armenia on April 9, 2007

Article 1. In article 20 of the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia" (of June 30, 1996, ZR-69):

The Item "with" to state 1) in the following edition;

"c) according to the procedure, established by the Law of the Republic of Armenia "About bankruptcy of banks, credit institutions and insurance companies", recognizes insolvent bank, credit institution or the insurance company, initiates production on their bankruptcy, performs other powers provided by this Law, makes the decisions carried by the Law to its competence connected with reorganization of banks, credit institutions or insurance companies;";

To add 2) with the Item "ma" of the following content:

"ма) establishes the minimum conditions of implementation of internal control in the insurance companies, performs the powers conferred to it by the Law of the Republic of Armenia "About insurance and insurance activity".".

Article 2. Part 2 of article 21 of the Law after the word "contains" to add with words ", or the questions connected with the individuals performing insurance activity, containing insurance secret".

Article 3. In article 29.1 of the Law:

Part 5 after the word "secret" to add 1) with words ", and in insurance and reinsurance companies – insurance secret";

Part 6 to state 2) in the following edition:

"6. In case of disclosure during checks in banks or insurance or reinsurance companies of authentically known violations containing signs of the preparing or already committed criminally pursued act, the Central bank reports about it to the relevant law enforcement agencies, respectively according to the procedure, established by the Law of the Republic of Armenia "About bank secrecy" or the Law of the Republic of Armenia "About insurance and insurance activity".";

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