LAW OF THE REPUBLIC OF ARMENIA

of December 30, 2015 No. ZR-196

About entering of amendments into the Law of the Republic of Armenia "About insurance and insurance activity"

Accepted by National Assembly of the Republic of Armenia on December 21, 2015

Article 1. "About insurance and insurance activity" of April 9, 2007 ZR-177-N (further - the Law) to add article 81 of the Law of the Republic of Armenia with parts 3.1 and 3.2 of the following content:

"3.1. The insurance companies shall have rules of business etiquette. Business ethics shall be regulated by rules at least:

1) advertizing and marketing activity about the insurance company and the services offered them;

2) requirements imposed to the agreements signed with clients;

3) the list of information provided to clients to the conclusion of the agreement in case of the conclusion of the agreement and during validity and form and procedure for provision of this information, and also procedure for communication with clients;

4) the procedure of representation by clients to the insurance companies of the offer on new insurance services within their lessons of insurance and considerations of this offer;

5) procedure for preserving individual these clients and their safe use;

6) procedure for etiquette with clients;

7) procedure for provision to clients of insurance indemnity;

8) other questions concerning protection of the rights of clients.

To contents of rules of business etiquette of the insurance companies or to their part detailed requirements can be established by the law or regulatory legal act of the Central bank.

Responsibility in case of violation of requirements of rules of business etiquette is established by this Law, the Civil code of the Republic of Armenia, the Labor code of the Republic of Armenia and other laws.

3.2. The insurance companies shall conform to the rules of business etiquette provided by part 3.1 of this Article.

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