YEREVAN, February 15, /ARKA/. Armenian insurance companies paid about AMD 591.7 million in 2,675 compensation payments on Compulsory Third Party Insurance (CTP) in January 2012, the Car Insurers’ Bureau Web site states.

“As of January 31, more than 311.8 thousand transportation vehicles are insured, the number of compensation claims reached about 2.9 thousand, 18 of which were not fulfilled”, the Web site says. Moreover, compensation payments amounted to AMD 111.8 million are being currently proceeded.

Also the amount of insurance premiums totaled around 6.9 thousand drams.

In present, there are 8 insurance companies in Armenia. The Institute of Compulsory Third Party Insurance (CTP) that implies a mandatory requirement for each individual car to be insured or the vehicle will not be considered legal has been operating in Armenia since January 1, 2011.

Since January 1, 2006 the Armenian insurance market has been controlled by the Central Bank of Armenia that includes the unified system for financial supervision. ($1-388.69 drams). —0—