The Central Bank of Armenia (CBA) has drafted a bill on compulsory automobile liability insurance. Vahe Vardanyan, Head of the CBA Financial Policy and Analysis Department, that told NEWS am. that the project is aimed at developing insurance culture in Armenia and expanding insurance companies’ activities in the country. He said that the financial committee of the RA Parliament is discussing the bill for it to be submitted to Parliament this autumn. He also pointed out that a relevant law is to take effect a year after being adopted. Steps to develop necessary infrastructures will be made during that period. Specifically, an Insurance Bureau, integrated database on insurance policies, insured events and indemnities, as well as an institute of experts, are to be created.

Vardanyan said that the CBA aims to create favorable conditions for attracting foreign investments.