YEREVAN, NOVEMBER 21, NOYAN TAPAN. As a result of legislative amendments in Armenia's insurance sector and the introduction of international standards, 6 insurance companies stopped functioning in 2007. According to the chairman of the Central Bank of Armenia (CBA) Tigran Sargsian, the 9 insurance companies currently operating in Armenia have 38 thousand insurance contracts, which is more by 30% than 15 insurance companies had in 2006. T. Sargsian said that it is envisaged to expand the involvement of actuaries in the insurance system and to introduce a database of insurance cases. In particular, the RA ministry of health jointly with the CBA will create a database of disease cases. Starting from January 2008, the database of raod accidents, which is currently being created jointly with the RA police, will be used. In the words of the CBA chairman, the introduction of the compulsory insurance institution in Armenia will begin with the compulsory insurance of vehicle owners's responsibility to third persons. Starting from January 2008, the institution of compulsory insurance will also be introduced in the sphere of insurance of banking risks (particularly, those related to regional functions).

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