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“CMTPL tariffs will be liberalized from February 2023, giving an opportunity to insurance companies to offer their own model services with price-quality combination,” the RA Deputy Governor of the Central Bank (CB) Nerses Yeritsyan noted during the working debate organized by the NA Standing Committee on Financial-Credit and Budgetary Affairs on the topic Liberalization of Insurance Market on November 30.

According to Nerses Yeritsyan, the driver will have the opportunity to get acquainted with the tariffs offered by the insurance companies and choose the most suitable or affordable option for him/her. In addition, discounts are planned in case of signing the contract online. The price policy of the CMTPL companies will be under the control of the Central Bank and the Motor Insurers Bureau.

The CB Deputy Governor emphasized that the competition will be brought to a new level with the liberalization of tariffs in the field of public transport, which will provide an opportunity to improve the quality of the services provided. It is also planned to improve taxi services and passenger transportation services. According to Nerses Yeritsyan, the linearization of the insurance market was also the drivers’ wish.

The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan, presenting the motive for initiating the debate, noted that although the liberalization of the CMTPL tariffs was not carried out by legislative initiative, it is under the control of the Committee. According to the Committee Chair, as a result of the competition of the companies, there may be a decrease in prices and an increase in the quality of the offered services.

In the opinion of the MPs present at the debate, the liberalization of the CMTPL tariffs is the right toolkit. They also raised a number of issues, in particular, regarding the increase in tariffs as a result of the increase in the quality of services. The RA Deputy Governor of the Central Bank Nerses Yeritsyan stressed that the potential increase in prices will be restrained and controlled.

The MPs of the Civil Contract Faction, the CB representatives, the Chief Executive Officer of the Armenian Motor Insurers Bureau Vaghinak Eghiazaryan participated in the debate.