Amended law rises health insurance payments by 40 percent

15.04.2011 14:50
Amended law rises health insurance payments by 40 percent

YEREVAN, April 15, /ARKA/. Due to a set of amendments to the Law on Income Tax enforced in 2010 stipulating tax benefits for employers who buy health insurance policies for their personnel, insurance payments have risen by 40%, Artak Martirosian, the executive director of Garant-Limens insurance company said today. Under the amended law, insurance premiums made by employers are not subject to income taxes.

Speaking at a news conference at Novosti international press center, he said the share of health insurances in the overall number of insurance polices rose from 8.5% in 2008-09 to 12% or to about one billion Drams. The volume of insurance payments also rose by 57% to 569 million Drams, he said, adding that the positive impact of the amendments to the law are obvious.

Vakhtang Mirumian, an official from the ministry of finance, said the companies buying health insurances for their employees will see a 35% cut in the income taxes.

‘The goal of the amendments is to create an incentive for employers and encourage them to buy health insurances for their employees. We hope that the number of such employers will increase,’ he said. ($1- 376.48 Drams). -0-

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