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CBA Recognizes Renaissance Insurance's Licence As Invalid

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  • CBA Recognizes Renaissance Insurance's Licence As Invalid

    CBA RECOGNIZES RENAISSANCE INSURANCE'S LICENCE AS INVALID

    Noyan Tapan
    Aug 30 2006

    YEREVAN, AUGUST 30, NOYAN TAPAN. Taking into account the fact that
    Renaissance Insurance company's operating licence was suspended twice
    in 2006, the Central Bank of Armenia (CBA) Board on August 29 made
    a decision to cancel Renaissance Insurance's licence No. 0045 for
    non-life insurance and licence No.0007 for life insurance. According to
    the CBA press service, in order to protect the interests of insurees,
    Renaissance Insurance must terminate the insurance (reinsurance)
    contracts signed by the company or transfer insurance (reinsurance)
    risks to another insurer within 45 days after the above mentioned
    decision has taken effect. In accordance with Article 17, part 2
    of the RA Law on Insurance, the natural and juridical persons that
    signed insurance (reinsurance) contracts with Renaissance Insurance,
    have the right to teminate these contracts ahead of time, following the
    indicated decision, and receive insurance (reinsurance) premiums for
    incompleted days. In the event that part of insurance (reinsurance)
    premiums cannot be repaid by the company, the insurees may apply to
    court with the request to confiscate these sums or recognize the
    company as insolvent. In case of accidents, Renaissance Insurance
    is obliged, by preliminary consent of the CBA, to pay insurance
    compensations envisaged by insurance (reinsurance) contracts, whose
    risks have not been transferred to another insurer.
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