YEREVAN, February 15. /ARKA/. The Central Bank of Armenia has approved an increase in compensation payments for damages caused by traffic accidents involving mandatory insured cars. The new tariff will be effective throughout 2012. Earlier the rise was approved by the Car Insurers' Bureau.

A statement on the official website of the Car Insurers Bureau says the revised rules set the lowest and highest limits of primary and basic insurance benefits and risk factors. According to it, the insurance payment (maximum size of compensation) in case of personal injury is increased by 300,000 drams to 3.3 million drams for each injured person, and the maximum compensation payment for each insurance case is raised by 1 million drams to 10 million drams. The insured sum (the maximum amount of compensation) in case of damage to property was also increased by 300,000 drams to 1.8 million drams.

Mandatory car insurance amounts remained unchanged. The Car Insurers Bureau has revised upward also the size of the lump compensation amount for funeral costs of people killed in traffic accidents raising it up to 1 million drams from 650,000 drams.

The mandatory insurance against physical damage caused to other cars and individuals became mandatory in Armenia on January 1, 2011. According to official numbers, there are about 430,000 vehicles in Armenia. $1-388,62 drams). -0-