Thu, 26 February
10.1 C
Yerevan
USD: 377.04 RUB: 4.90 EUR: 444.91 GEL: 141.00 GBP: 510.36

Parliament refuses to put on r agenda draft law calling for cancellation of mandatory car insurance

YEREVAN, February 7, /ARKA/. Armenian parliament members refused today to put on their agenda a draft law motioned by the oppositional Heritage faction calling for cancellation of the mandatory car insurance enforced from January 1, 2011.

Armen Martirosian, a Heritage faction member, said 24% of car owners did not buy car insurances, having instead applied for a temporary exemption from the requirement allowed by the law. They will have to deposit their license plates with the road police and will be allowed to drive their cars for up to three months a year.

The mandatory insurance against physical damage caused to other cars and individuals became mandatory in the country on January 1, in accordance with a government-drafted law passed by the Armenian parliament last year.

According to the latest data, about 70% of some 430,000 or so vehicles registered in Armenia have been covered by insurance.

Stepan Safarian, head of the faction, suggested that the draft law be put on the agenda so that to conduct large-scale study. But the proposal was supported only by 21 lawmakers as 64 voted it down. -0-

spot_img

POPULAR

Assets of Armenian Credit Institutions Grew by 11.93% to AMD 859.9 Billion in 2025

The total assets of Armenia's credit institutions as of December 31, 2025, amounted to AMD 859.9 billion, an increase of 11.93% compared to December 31, 2024.

The credit and leasing portfolio of Armenian credit institutions in 2025 amounted to 659.7 billion drams

The total credit and leasing portfolio of Armenian credit institutions as of December 31, 2025, amounted to 659.7 billion drams, an increase of 13.96% compared to the same period in 2024.

Armbanks Weekly Digest: Key Events in the Armenian Financial Market (February 16-22)

Last week, the Armenian financial market was distinguished by intensified institutional interactions in the banking sector and debt market dynamics.

Net profit of Armenian credit institutions in 2025 increased 2.9-fold to 56.9 billion drams

The total net profit (after tax) of Armenian credit institutions in 2025 amounted to 56.87 billion drams, compared to 19.50 billion drams in 2024 (an increase of 2.9-fold, or 191.6%).

S&P Global Ratings Improves Armenia’s Rating Outlook to Positive

On February 20, S&P Global Ratings revised its outlook on Armenia from stable to positive, affirming its long-term and short-term foreign and local currency sovereign credit ratings at 'BB-/B'.

LATEST NEWS

spot_imgspot_imgspot_img