STEPANAKERT, February 11, /ARKA/. Speaking at a news conference today Nagorno-Karabakh prime minister Ara Harutyunian said the republic has a developed banking system and the turn now is to have a developed insurance system, which he described as a development priority .

The law on mandatory insurance of motor vehicles came into effect in Nagorno-Karabakh on January 1, 2011 and according to reports motorists have bought over 10,000 car insurances. There are 17,000 motor vehicles in the republic and 12,000 are subject to mandatory insurance. Under the law, drivers caught not possessing such policies are to be fined 50,000 drams. Car insurances in Nagorno-Karabakh are sold by Ingo Armenia and Nairi Insurance companies

The prime minister said also the government will try to introduce in several years voluntary health insurance ‘because it is meaningless to have developed economy without well-developed insurance system.’ -0-