Acting Director of Association of Insurance Market Participants of Armenia union of legal entities Andranik Ohanjanyan said that there is not life insurance in Armenia, as one company cannot have licenses for the life and non-life insurance.
According to him, a new company with AMD 1.5bln capital should be established to obtain the license for life insurance. “Until 2007 there were companies, which had both licenses, as the law was not forbidding life and non-life insurance,” Ohanjanyan told a PanARMENIAN.Net reporter.
He added that currently companies should choose between the licenses, while all insurance companies operating in the country obtain the license for non-life insurance due to low demand for the life insurance.
