YEREVAN. – Insurance companies are more often fined by Armenian Central Bank (CBA) compared with other financial market objects such as banks, pawnshops and credit organizations.

Armenian News-NEWS.am asked Rosgosstrakh-Armenia insurance company executive director Gagik Grigoryan what the reason is. According to Grigoryan, insurance companies are under CBA control for several years and there are no formed traditions.

 “There are some norms that CBA has accepted before insurance companies were founded. CBA assured those norms will be broken, however insurance companies are still being fined,” told Grigoryan.

Rosgosstrakh Armenia insurance company ordered an authoritative international organization a study before entering the market. According to the result, one of the strongest factors of Armenian insurance market is the existence of a powerful Central Bank.