YEREVAN, FEBRUARY 12, NOYAN TAPAN. By the February 12 decision of the Central Bank of Armenia (CBA) Board, Alpha Insurance CJSC was registered and granted a nonlife insurance licence. NT was informed by the CBA press service that this licence gives Alpha Insurance the right to insure against accidents of land transport (except for railway transport), fire and natural disasters, accidents, as well as to insure responsibility caused by the use of land motor transport (including cargo transporting one), cargo responsibility and overall responsibility. The CBA chairman Tigran Sargsian stated in late November of 2007 that as a result of legislative reforms in Armenia's insurance sector and the introduction of international regulation standards, 6 insurance companies stopped operating in 2007. According to him, 9 insurance companies operating in late November had 38 thousand insurance contracts or by 30% more than 15 insurance companies had in 2006. Earlier the CBA chairman said that starting from 2008, first-calss foreign insurance companies will operate in Armenia's insurance market, on which the CBA has reached preliminary agreements. In his words, in all likelihood a British insurance company will be the first to work in the insurance market of our country.

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