REPUBLIC OF ARMENIA LAW ON COMPULSORY INSURANCE OF LIABILITY ARISING OUT OF THE USE OF MOTOR VEHICLES CHAPTER 1 GENERAL PROVISIONS

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1 REPUBLIC OF ARMENIA LAW Adopted May 18, 2010 ON COMPULSORY INSURANCE OF LIABILITY ARISING OUT OF THE USE OF MOTOR VEHICLES CHAPTER 1 GENERAL PROVISIONS ARTICLE1. FIELD OF REGULATION AND MAJOR ISSUES 1. This law regulates relations pertaining to compulsory insurance of the liability of the owners of motor vehicles and other persons legally possessing motor vehicles, arising out of the damage caused to persons due to the use of motor vehicle, defines types of the motor vehicles which are subject to compulsory insurance of liability arising out of their use, the framework of persons who must insure liability arising out of the use of such motor vehicles, defines relations pertaining to the establishment of the Bureau of insurance companies performing compulsory insurance of liability arising out of the use of motor vehicles, defines regulation and supervision of its activities, as well as describes terms and conditions of establishing and using Guarantee Fund, Informational System and other relations thereto. 2. Goals of this law are: 1) guarantee rights of persons subject to damage caused by the use of motor vehicles; 2) introduce in the Republic of Armenia the system of compulsory insurance of liability arising out of the use of motor vehicles and ensure its sustainable operation, regulate relations pertaining to the insurance contracts signed in this area; 3) define authorities of organizations and the supervisory bodies performing in the sphere of compulsory insurance of liability arising out of the use of motor vehicles; 4) guarantee efficiency of procedures for paying insurance indemnity; 3. Pursuant to this law, subject of compulsory insurance is the liability arising out of the use of motor vehicles registered in the Republic of Armenia, in manner stipulated by law, as well as liability arising out of the use of motor vehicles imported into the Republic of Armenia through driving, unless otherwise established by this law. 4. Pursuant to this law, subject to compensation shall be exclusively the damage caused by insurance accidents, which took place within the Republic of Armenia. ARTICLE 2. LEGAL ACTS REGULATING RELATIONS PERTAINING TO COMPULSORY INSURANCE OF LIABILITY ARISING OUT OF THE USE OF MOTOR VEHICLES 1. Relations pertaining to compulsory insurance of liability arising out of the use of motor vehicles are regulated by the Republic of Armenia Civil Code, this law, the Republic of Armenia law On Insurance and Insurance Activities, by-laws of the

2 Republic of Armenia Central Bank (hereinafter, Central Bank), rules of the Bureau and by-laws. ARTICLE 3. DEFINITIONS USED IN THE LAW 1. Unless otherwise established in this law, definitions used in this law and the relevant by-laws shall mean: 1) CIVL - compulsory insurance of liability arising out of the use of motor vehicles; 2) CIVL contract contract signed between insurance company entitled to perform CIVL and policyholder in accordance with this law; 3) CIVL coupon coupon of a prescribed form and terms of validity under the signed CIVL contract; 4) motor vehicle a wheeled motor vehicle (such as light passenger cars, buses, micro vans, haulers, trolleybuses) equipped for transportation of passengers and cargo through general purpose roads, and carrying out non-transportation activities,; 5) aggrieved person any person subject to personal or property damage caused by use of motor vehicle, eligible for compensation under this law and by-laws. Aggrieved are also persons who, according to law, are eligible for compensation in case of death of an insured person; 6) owner of motor vehicle (co owner) an individual considered owner of a vehicle (Republic o Armenia citizen, foreign citizen, person without citizenship), or a legal person, state (state body), community (territorial administration body), diplomatic representative offices in the Republic of Armenia (representative offices of embassies, consulates, international organizations); 7) insurer person signing CIVL contract with the insurance company; 8) policyholder owner of a motor vehicle over the effective period of CIVL contract, as well as any other person legally possessing it (including driver); 9) person who has caused or causes damage a person whose activities (or inaction) cause damage; 10) motor vehicle driver a person managing a motor vehicle, who used it during insurance accident. Driving instructor is also deemed a driver. 11) insurance accident a case or situation envisaged by this law, for which the insurance company, or the Bureau commits to compensate the aggrieved person, or other persons as defined by this law and (or) CIVL contract; 12) annuity payment made by policyholder to the insurance company within the amount and for the period stipulated by the CIVL contract for the whole effective period of CIVL contract; 13) insurance premium the maximum amount of payment to be made by the insurance company to the aggrieved person and other persons as defined by this law and (or) CIVL contract, in case of insurance accident; 14) basic indemnity and main indemnity reference amounts calculated by the Bureau in accordance with the Appendix to this law; 15) insurance indemnity - payment to be made by the insurance company to the aggrieved person and other persons as defined by this law and (or) CIVL contract, in case of insurance accident; In the meaning of this law, insurance indemnity is also compensation of damage to aggrieved persons made by the Bureau at the expense of Guarantee Fund proceeds, in cases defined under Article 49 of this law, unless established otherwise by this law, or is ensuing from a concrete provision.

3 16) non-indemnified amount part of the amount within insurance premium not subject to indemnity by the insurance company or the Bureau, which is set in the form of a percentage of a certain amount or insurance amount; 17) damage arising out of the use of motor vehicle, or damage arising out of motor vehicle without its use (including caused by explosion or burning of motor vehicle); 18) agreed-on declaration in case of insurance accident, form completed at he place of accident by person legally possessing the motor vehicle involved in the accident, in which it confirms through signature circumstances, facts and other information related to the accident; 19) Bureau of the companies performing compulsory insurance of liability arising out of the use of motor vehicles non-profit seeking, independently managed organization of persons, with a legal status of union, members of which are insurance companies authorized to perform CIVL under this law; in cases defined by law, also the Central Bank; 20) Guarantee Fund fund created under this law, the manager of which is the Bureau, to the account of which indemnities defined by this law are transferred. Guarantee Fund consolidates assets established in Article 44, part 1 of this law. 21) Informational System a system which collects, maintains, uses and provides information prescribed by by-laws on CIVL system (including CIVL contracts, policyholders, insured persons, and motor vehicles), and keeps statistics thereof; 22) Bonus-Malus system of premium discounts and add-ins based on insurance and (or) driving history; 23) membership fee payments made for membership in the Bureau in the amount and in manner prescribed by the Bureau rules pursuant to this law; 24) trailer (semi-trailer) in the meaning established in the Republic of Armenia law On Ensuring Road Traffic Safety ; 25) road facilities, accessories, engineering constructions - in the meaning established in the Republic of Armenia law On Ensuring Road Traffic Safety ; 26) maximum amount of independently regulated indemnity maximum amount of the damage caused to property as defined by the Bureau, in which case parties of the insurance accident can complete the agreed-on declaration without asking consent of the insurance company (insurance companies); 27) maximum amount of indemnity provided based on the agreed declaration - maximum amount of the damage caused to property as defined by the Bureau, in which case parties of the insurance accident can complete the agreed-on declaration with consent of the insurance company (insurance companies) 28) affiliated person in the meaning established by the Republic of Armenia law On Insurance and Insurance Activities ; 2. In the meaning of this law, definitions insurance amount and insurance indemnity are used both in case of personal damage and property damage as stipulated by this law, unless specifically indicated in the respective provision that they are used generally for CIVL. ARTICLE 4. RIGHT TO PERFORM CIVL 1. Right to perform CIVL in the Republic of Armenia is vested with the insurance companies that are members of the Bureau and are authorized to perform insurance activities of the respective class under clause 10, part 2, Article 7 of the Republic of Armenia law On Insurance and Insurance Activities, have at least one permanent

4 branch or agent in each marz of the Republic of Armenia and comply with provisions stipulated by law or by-laws. 2. Abuse of position by a company authorized to perform CIVL in the Republic of Armenia, generates liability stipulated by law. CHAPTER 2. CIVL ARTICLE 5. CIVL CONTRACT AND CIVL COUPON 1. Under CIVL contract, liability of insured persons to compensate damage caused to aggrieved persons is insured in accordance with terms and conditions established by this law. 2. CIVL contract shall be signed between insurance company and persons as follows: 1) owner of motor vehicle (except motor vehicles defined by part 2, Article 25 of this law), or party acquiring motor vehicle based on sale agreement, or leasing agreement; 2) persons importing motor vehicles into the Republic of Armenia by driving (except motor vehicles defined by clause 1, part 2, Article 25 of this law), irrespective of the fact that they are considered owners of the motor vehicles; 3. Persons indicated in part 2 of this Article may authorize other persons to sign CIVL contract on their behalf, based on the power of attorney provided to them in accordance with law. 4. Each person shall have valid and effective CIVL contract owned by property right (provided to him by leasing agreement) and signed for each motor vehicle registered in the Republic of Armenia (except for motor vehicles defined by clauses 1, 2 and 3, part 2, Article 25 of the law). Unless otherwise stipulated in clause 1, part 2, Article 25 of this law, driving of a motor vehicle through a general purpose road shall be prohibited where a valid and effective CIVL contract is not available. It is prohibited to register motor vehicles in state ledger, or register property right over vehicle where CIVL coupon is not available, except for motor vehicles defined by clauses 1, 2 and 3, part 2, Article 25 of the law, as well as motor vehicles which at the moment of registration of property right over them are removed from the state registration ledger. Competent state bodies shall prohibit import of motor vehicles into the Republic of Armenia by driving where CIVL coupon is not available, except for motor vehicles defined by clause 1part 2, Article 25 of the law 5. Insurance company authorized to sign CIVL contract shall sign CIVL contracts with each of the person defined by part 2 of this Article, unless signing of the contract leads to violation of the provisions for insurance companies stipulated by law and by-laws. Unreasonable refusal of an insurance company to sign CIVL contract generates liability provided under Article 461 of the Republic of Armenia Civil Code. While signing CIVL contract, insurance company may not force the customer to sign a contract on rendering other services, or consider rendering of such services a precondition for signing CIVL contract. While signing CIVL contract, insurance company may not force the customer to sign a contract with another person on rendering other services, or consider rendering of such services by another person a precondition for signing CIVL contract, unless such services are necessary for signing CIVL contract. 6. After signing CIVL contract, insurance company (agent) shall provide to a policyholder a completed CIVL coupon, as well as the authentic copy of the CIVL contract and a reference copy of agreed-on declaration. Over the whole period of the contract, the coupon shall be attached to the motor vehicle, in place prescribed by the Republic of Armenia government decree. The form, content and instruction on completing the agreed-on declaration and CIVL coupon (including provisions for CIVL

5 coupon protection), criteria for considering CIVL coupon damaged, and procedure on replacement of a damaged, lost, stolen, or destroyed CIVL coupon by a new one (including procedure on advising insurance company about damaged, lost, stolen, or destroyed CIVL coupon), as well as procedure on keeping log of CIVL coupons and reference forms shall be established by the Republic of Armenia government. In addition to CIVL contract and CIVL coupon, Board of the Bureau may prescribe provision of other documents to policyholder by insurance companies, which contain main provisions of CIVL contract and are in conformity with the form defined by the Bureau. 7. Form of the CIVL contract shall be established by the Bureau Board. CIVL contract shall at least contain major provisions established by law, including identification data for the motor vehicle (s) liability arising out of the use of insured motor vehicle, indicate the value (values) of Bonus-Malus coefficient (coefficients), in case of accident, provide rules of notifying insurance company thereof, in accordance with terms and conditions established by the Bureau, as well as prescribe cases of early dissolution of CIVL contract. 8. CIVL contract and coupon, and their forms are strictly controlled documents. Forms of CIVL contract and coupon shall be provided to member insurance companies by the Bureau. The Bureau may provide forms of CIVL contract and coupon only to member insurance companies. 9. In case where CIVL contract and (or) coupon is lost, stolen, damaged or destroyed, policyholder shall advice insurance company thereof in writing, in accordance with the terms and conditions indicated in CIVL, as defined by the Republic of Armenia government decree indicated in part 6 of this Article. Insurance company must verify whether CIVL contract has been signed with the given person and promptly provide to policyholder a copy of the contract and (or) a new CIVL coupon. 10. The Republic of Armenia government may by its decision define a list of countries, specifying that in case of registration of a motor vehicle in such countries, CIVL contract for driving the motor vehicle in the Republic of Armenia is not required and provisions existing in those countries with regard to contracts on insurance of liability arising out of the use of motor vehicles shall apply. ARTICLE 6. ENTERING INTO FORCE AND CLOSURE OF CIVLS 1. Unless otherwise specified in the contract, CIVL contract shall enter into force from the day of signature. 2. CIVL contract shall be signed at least for the period of 3 months, except for motor vehicles imported through customs regimes transit transportation and temporary import of the Republic of Armenia Customs Code, and motor vehicles imported into the Republic of Armenia through driving by trade corporations and sole traders for the purpose of sale, where CIVL contract shall be signed for at least 10 days. 3. CIVL contract may be signed for not more than one year period. 4. CIVL contract is terminated after expiry of the effective period, or in case of early dissolution of CIVL contract. 1) property right over the motor vehicle shall be registered by the authorized public body of the Republic of Armenia on behalf of a person other than policyholder under CIVL contract, except where CIVL contract was signed by a person deemed as leaser under leasing contract. Where CIVL contract was signed by a person deemed as leaser under leasing contract, CIVL contract is subject to early termination in case if the term of leasing contract has expired and the property right over motor vehicle was not registered on behalf of other person, or was alienated to other person after registration; 2) motor vehicle was taken off the state registration books;

6 3) insurance company was liquidated and policyholder does not want to continue the contract with other insurance company to which insurance portfolio has been transferred; 4) in cases provided by law, insurance company has transferred insurance portfolio to another insurance company and policyholder does not want to continue the contract with the latter; 5) in other cases stipulated by law or rules of the Bureau. 5. Insurance company may transfer its CIVL portfolio exclusively to an insurance company authorized to perform CIVL under this law. 6. Where grounds defined under clauses 1-2, part 4 of this Article exist, policyholder shall advice the insurance company thereof, in accordance with terms and conditions of CIVL contract. 7. In cases defined under clauses 1-4, part 4 of this Article, CIVL contract shall be early terminated where the respective grounds emerge. Subsequently, insurance company shall return to policyholder the annuity paid for the outstanding period of the contract. Where CIVL contract was early terminated under clauses 1-2, part 4 of this Article, the outstanding period of the contract shall be calculated from the day when policyholder submitted application made in writing to the insurance company, but not later than respective grounds have emerged. ARTICLE 7. INSURANCE PREMIUMS 1. CIVL premiums shall be reasonable, non-discriminatory and include in the calculation base the estimate of realistic costs and reasonable profit, which is needed to generate insurance cover stipulated in CIVL contract, as well as Bonus-Malus coefficients. Provision on prohibition of discrimination defined by this part shall not restrict the right of insurance company to set up differentiated premiums, based on the risk degree of policyholders, insured persons and (or) insured motor vehicles. The Central Bank and the Bureau shall regularly verify conformity of premiums calculated by insurance companies with the requirements mentioned in this part. 2. Based on formula provided in the Appendix to this law, ceilings of main and basic and premiums, as well as values of permitted risk factors and Bonus-Malus coefficients shall be established at least annually 3. Where, according to reasonable opinion of the Central Bank Board, significant changes occurred in market, or integrity and stability of CIVL market has been put at risk, and subsequently new ceilings of main and basic and premiums, as well as values of permitted risk factors and (or) Bonus-Malus coefficients must be established, as defined by part 2 of this Article within reasonable period of time, the Central Bank, in case if the Bureau fails to do so, may independently calculate and stipulate by its Board decision new ceilings of main and basic and premiums, as well as values of permitted risk and (or) Bonus-Malus coefficients. Decision of the Central Bank Board is binding for the insurance companies that are members of the Bureau, and starting from the day of its entering into effect, previously established (registered) ceilings shall be repealed. 4. Based on the proposal of the CBA or at its own initiative, the Board of the Bureau may establish floors of main and basic premiums, if this is necessary for ensuring integrity and sustainability of CIVL system, excluding unfair competition between insurance companies and (or) preventing formulation of unjustified price policies in insurance market. 5. Premium ceilings defined by parts 2 and 3 of this Article shall be calculated in terms of the least amounts of insurance cover defined by Article 8 of this law, which may

7 be exceeded exclusively in case of establishing in CIVL contract new insurance covers exceeding the floors defined by Article 8 of this Law and (or) additional services. 6. Based on available information on motor vehicle owners and (or) other persons possessing them legally, and the number and nature (driving history) of insurance accidents caused by their activities (inactivity), the Bureau Board shall establish the system of premium discounts and add-ins (Bonus-Malus system) and norms of its implementation. 7. In order to substantiate calculation of basic and main premium ceilings, risk and Bonus-Malus coefficients included in the formula for calculation of CIVL premiums established in the appendix to this law, the Bureau shall submit to the Central Bank and publish information and reports on such calculations, in the format, procedure and terms stipulated by the Central Bank Board. 8. Policyholder shall pay premium in the format, procedure and terms stipulated by the CIVL. It is prohibited for insurance company during signing or effective period of the CIVL to directly or indirectly collect from policyholder any amount of money other than premium, except fines and penalties defined under CIVL contract for non execution or improper execution of his duties. 9. Each insurance company performing CIVL must place on its web page a premium calculator, the requirements for which shall be stipulated by the Central Bank prudential regulations. The size of premium calculated with the premium calculator placed on the insurance company web page shall not be different from the size of premium calculated by the given insurance company for a policyholder of similar grade, based on CIVL contract rules (conditions). 10. Provisions of this Article relating to premium shall be separately applied for each motor vehicle indicated in the CIVL contract. ARTICLE8. INSURANCE COVER AND INDEMNITY 1. Insurance cover under CIVL contract for one motor vehicle and one insurance accident may not be less than: 1) 3,000,000 Republic of Armenia drams per each aggrieved person and 9,000,000 Republic of Armenia drams per each insurance accident; 2) 1,500,000 Republic of Armenia drams for damage caused to property per each insurance accident. If according to this law, property damage was caused to more than one person and the total amount of damage exceeds the amount established for each insurance accident, indemnity to each such person shall be paid in proportion to damage caused to their property within the total amount of insurance cover established for each insurance accident. 2. If according to this law, personal damage was caused to more than one person and the total amount of damage exceeds the amount established for each insurance accident, indemnity to each such person shall be paid in proportion to caused personal damage within the total amount of insurance cover established for each insurance accident. The amount of indemnity due to each aggrieved person, calculated according to this part, may not exceed the insurance cover established for each policyholder. Where the indemnity amount (each of the indemnity amounts) proportionally calculated for each aggrieved person (several aggrieved persons) under this part exceeds the insurance cover established per each aggrieved person, the exceeding portion (portions) shall be used to compensate damage caused to other aggrieved persons in proportion to such damage, within the amount of insurance cover established per each aggrieved person. 3. Procedure on paying indemnities shall be defined by this law and CIVL contract.

8 4. The amount not subject to compensation under CIVL contract shall be applied by CIVL and in cases of compensation by Guarantee Fund resources, in accordance with terms and conditions stipulated by the Bureau rules. The amount not subject to compensation under CIVL contract may be envisaged only for cases and in the amount established by the Bureau Board. 5. Insurance compensation shall be paid based on CIVL contract, in cases stipulated by this law, it shall be paid by the Bureau irrespective of the fact whether the person who caused damage has voluntarily obtained insurance contract for the insurance type defined under clause 10, part 2, Article 7 of the Republic of Armenia law on Insurance and Insurance Activity or insurance contract on causing damage to life, health and property of an aggrieved person. 6. Where insurance cover is insufficient for compensating the actual damage of the aggrieved person, the difference between insurance cover and actual size of damage shall be compensated by the person who caused damage, in accordance with Article 1066 of the Republic of Armenia Civil Code. Actual damages caused to the aggrieved person that are not subject to compensation under CIVL (by the Bureau) shall be compensated by the person who caused damage, in cases and on terms stipulated by the Republic of Armenia Civil Code. 7. During the CIVL contract period, insurance cover may not be reduced, irrespective of indemnities paid against insurance accidents that took place during such period. 8. Provisions established by parts 1 and 2 of this Article shall not apply to persons entitled to compensation of damages arising out of the death of aggrieved person, within the amount stipulated by that Article. ARTICLE 9. INSURANCE COMPANY DUTIES 1. Insurance company shall: 1) Sign CIVL contract at the request of each person defined under part 2, Article 5 of this Law, in accordance with the terms and conditions stipulated by the Republic of Armenia Civil Code, this law and the Bureau rules, provided that signing of the contract will cause violation of the requirements established by this law and by-laws; 2) complete and together with CIVL contract submit to policyholder a CIVL coupon and a copy of the agreed-on declaration, as well as explain how to use them and complete the agreed-on declaration; 3) reimburse Guarantee Fund in accordance with this law and pay membership fee to the Bureau pursuant to this law; 4) submit to the Informational System information as stipulated by this law and bylaws; 5) receive agreed-on declaration on insurance accident and (or) minutes of the event prepared by the body authorized for traffic control from persons deemed as policyholders, insured persons or damaged persons under the respective CIVL contract; 6) at the request of each person involved in insurance accident, provide on a fee-free basis information about progress in reviewing the issue of compensating damage caused by policyholder under the respective CIVL contract, expert examination conclusion (if available) and other documents as needed. If the requested information or document contains information which is protected by law as banking, commercial or other secret, it shall be provided in accordance with terms and conditions stipulated by law. 7) permanently maintain on its web site addresses and working hours of its branches and agents;

9 8) carry out other duties as provided by law, the Bureau rules, other by-laws and CIVL contract. CHAPTER 3. DAMAGE SUBJECT TO INSURANCE COMPENSATION, DAMAGE ASESSMENT AND PROCEDURE ON DAMAGE COMPENSATION ARTICLE 10. LIABILITY SUBJECT TO INSURANCE 1. Unless otherwise stipulated in Article 25, subject to compulsory insurance through CIVL contract shall be the civil liability arising out of damages caused to aggrieved person from the use of motor vehicles as follows: 1) personal damage damage caused to the health of person and the subsequent loss of salary (income), as well as death of the person; 2) damage caused to property. ARTICLE 11. PERSONAL DAMAGE 1. Personal damage to a person is damage caused to the health of person and the subsequent loss of salary (income), as well as death of the person. 2. In case of personal damage, the aggrieved person shall be entitled to compensation of costs (loss amount) as defined under Articles of this law within insurance cover, except for costs (loss amount) caused by damage defined by part 1, Article 25, hereof. ARTICLE 12. COSTS CAUSED BY DAMAGE TO THE HEALTH OF A PERSON 1. Costs caused by damage to the health of a person are costs for providing first aid to the aggrieved person, transportation to a hospital or rehabilitation center, staying in a hospital or rehabilitation center, diagnosis, costs on medical treatment and rehabilitation. Within the limits approved by the Bureau Board, subject to compensation are also measures of on-going medical treatment, costs on acquisition of pharmaceuticals, prosthesis, wheel-chair, other devises, as well as other costs. Costs defined by the second sentence, which were incurred outside the Republic of Armenia, shall be reimbursed within the ceiling defined by the Bureau Board only where the damage caused to the health of a person was included in the list of damages caused to the health of a person defined by part 5 of this Article, and the aggrieved person received medical assistance or recovered his health in a medical institution, which is indicated in part 5 of this Article under the list of medical institutions located outside of the Republic of Armenia. 2. Subject to compensation (including for medical treatment and rehabilitation outside the Republic of Armenia) shall be only the necessary, substantiated and proved actual costs, defined in part 1 of this Article. Criteria on proving and reasoning actual costs as well as the list of documents required for compensation shall be defined by the Bureau Board. 3. The aggrieved person may receive medical treatment or rehabilitation services outside of the Republic of Armenia. 4. The Bureau by its Board decision shall set up an internal committee, with at least half of its members being doctors (specialists of the health sector). The Bureau Board shall define the list of the committee members and its business procedures (including arrangement and holding of meetings, and decision making). Members of the Committee shall be reimbursed for participation in the Committee meetings in the amount and

10 according to terms set by the Bureau Board. Requirements in respect of the members of the Committee shall be established by the Central Bank prudential regulations. 5. The Committee defined by part 4 of this Article shall annually establish the list of the damages caused to aggrieved persons, which can not be effectively treated or rehabilitated in the Republic of Armenia, as well as the list of the medical institutions operating outside the Republic of Armenia, providing medical treatment or health rehabilitation to the aggrieved persons subject to insurance indemnity stipulated by this law. 6. According to part 5 of this Article, insurance indemnity for receiving medical treatment or health rehabilitation outside of the Republic of Armenia shall be paid within the amount of insurance cover, in the amount of the necessary, substantiated and proved actual costs. 7. If damage caused to a person is not included in the list of damages defined by part 5 of this Article, but the aggrieved person received medical treatment or rehabilitation services outside of the Republic of Armenia, his insurance indemnity stipulated by this law (except the costs indicated in the second sentence of part 1, hereof) shall be equal to insurance indemnity for receiving medical treatment or rehabilitation services in the Republic of Armenia, but not more than the actual costs incurred by him. 8. If damage caused to a person is included in the list of damages defined by part 5 of this Article, however the person receives medical treatment or rehabilitation services outside of the Republic of Armenia in a medical institution that is not included in the list of medical institutions defined by part 5 of this Article, his insurance indemnity stipulated by this law (except the costs indicated in the second sentence of part 1, hereof) shall be equal to insurance indemnity for receiving medical treatment or rehabilitation services outside of the Republic of Armenia in a medical institution included in the list of medical institutions defined by part 5 of this Article, but not more than the actual costs incurred by him. 9. Costs provided in parts 6-8 of this Article shall be compensated to an aggrieved person exclusively against documents substantiating them. 10. The medical treatment and rehabilitation right of an aggrieved person is exercised in accordance with the Republic of Armenia On Providing Health Services to Population. An aggrieved person receiving medical treatment and rehabilitation shall not be restricted by CIVL contract and (or) the amount of compensation due from person who caused the damage, hence he may choose the type, means and cost of services provided for medical treatment or rehabilitation and pay the remainder at its own cost, if the amount of indemnity due from insurance company, the Bureau or person who caused the damage is insufficient in order to fully cover them. ARTICLE13. LOSS OF SALARY (INCOME) CAUSED BY DAMAGE TO HEALTH 1. The amount of compensation for loss of salary (income) caused by damage to health of a person shall be calculated through a procedure defined by the Republic of Armenia Civil Code and by-laws, without prejudice to provisions of this law. 2. Salary (income) lost because of the damage caused to health of a person shall be compensated for the whole period of disability as defined by by-laws. 3. Compensation of the lost salary (income) shall cease where: 1) working capacity of the person was restored; 2) the insurance cover under CIVL contract was exceeded. ARTICLE14. INDEMNITY FOR DEATH

11 1. According to law, the amount of indemnity to each person entitled to thereto in case of the death of aggrieved person shall be calculated through a procedure established by the Republic of Armenia Civil Code and by-laws, without prejudice to provisions of this law. The total amount of compensation in such case may not exceed insurance cover for each aggrieved person as established by CIVL contract. If prior to death, the aggrieved person received indemnity provided under Articles of this law, damages specified in this part shall be compensated within the difference between insurance cover established for each aggrieved person and the amount of paid compensation. ARTICLE 15. DAMAGE CAUSED TO PROPERTY 1. Damage caused to property of an aggrieved person is: 1) damage, destruction or loss of the motor vehicle; 2) damage, destruction or loss of the property owned by a person under property right, which is attached to the motor vehicle, or its trailer (semi-trailer), or located inside it (on it), (hereinafter inside the motor vehicle); 3) damage, destruction or loss of property owned by a person, but not indicated in clauses 1-2 hereof. 2. In case of damage caused to property of a person, costs defined by Articles of this law shall be compensated within the amount of insurance cover, except for costs caused by damage as defined in part 1 of Article 25, hereof. Such costs shall be compensated to an aggrieved person (his representative or heir) by payment of the respective amount or liquidation of damage, as the aggrieved person (his representative or heir) would prefer. If expertise proves that liquidation of damage is impossible, or not feasible, costs shall be compensated solely by payment of the respective amount. 3. Where the agreed-on declaration was completed in manner defined by clauses 1 or 2, part 4, Article 19 hereinunder, compensation of loss to an aggrieved person may not exceed the maximum amount of compensation made through independent settlement or agreed-on, unless the size of compensation against damage caused to property was assessed through a relevant and valid and effective court decision. ARTICLE 16. DAMAGE, DESTRUCTION OR LOSS OF THE MOTOR VEHICLE 1. Costs on liquidation of damage to the motor vehicle are the repair costs, which are necessary to recover the motor vehicle to the actual state before the accident. Market price difference caused by the repair of the motor vehicle is not subject to compensation. 2. Motor vehicle is deemed destroyed where the repair is technically impossible or economically not feasible (repair costs will by 80% exceed the price of the vehicle before accident). In case of destruction of the motor vehicle, the difference between its assessed price before the accident and the residual price calculated in manner established by the Bureau Board shall be compensated. 3. Motor vehicle is deemed lost where it was stolen or it has otherwise disappeared, if the loss occurred because of the impossibility of guarding the motor vehicle by the aggrieved or another person to whom the motor vehicle was trusted, due to the caused damage. In case of the motor vehicle loss, insurance indemnity shall cover the assessed price of the motor vehicle prior to loss, within the amount of insurance cover. ARTICLE 17. DAMAGE, DESTRUCTION OR LOSS OF PROPERTY INSIDE THE MOTOR VEHICLE OWNED BY THE AGGRIEVED PERSON

12 1. Costs caused by the liquidation of damage, destruction or loss of property inside the motor vehicle are the costs on repair or recovery of the motor vehicle. 2. In the meaning of this Article, loss of property is deemed the loss caused by the impossibility of guarding the property by the aggrieved or another person to whom the property was trusted, due to the caused damage. According to this law, costs caused by the loss of property inside the motor vehicle are subject to compensation only in case if the aggrieved person proves the fact of the loss. 3. Where property inside the motor vehicle owned by property right was damaged, lost or destructed, the aggrieved person may receive insurance indemnity only if he proves that property belonged to him by property right. 4. Costs on liquidation of damage of property inside the motor vehicle are the costs on recovery of the property to the actual state that existed before the damage. Market price difference caused by the repair of the property is not subject to compensation. 5. Property inside the motor vehicle is deemed destroyed where the repair is technically impossible or economically not feasible (repair costs will by 80% exceed the price of the property before the damage). In case of destruction of the property, the difference between its assessed price before the damage and the residual price calculated in manner established by the Bureau Board shall be compensated. ARTICLE 18. DAMAGE, DESTRUCTION OR LOSS OF PROPERTY OUTSIDE THE MOTOR VEHICLE 1. Costs on recovery of damage, destruction or loss of property defined by clause 3, part 1, Article 15 are costs on repair or recovery of such property, including roads, their facilities, accessories, engineering or other constructions and buildings. 2. In the meaning of this law, loss of property is deemed the loss caused by the impossibility of guarding the property by the aggrieved or another person to whom the property was trusted, due to the caused damage. According to this law, costs caused by the loss of property defined by clause 3, part 1, Article 15 hereinabove, are subject to compensation only in case if the aggrieved person proves the fact of the loss. 3. Costs on liquidation of damage of property defined by clause 3, part 1, Article 15 hereinabove, are the costs on recovery of the property to the actual state that existed before the damage. Market price difference caused by the repair of the property is not subject to compensation. 4. Property defined by clause 3, part 1, Article 15 hereinabove, is deemed destroyed where the repair is technically impossible or economically not feasible (repair costs will by 80% exceed the price of the property before the damage). In case of destruction of the property, the difference between its assessed price before the damage and the residual price calculated in manner established by the Bureau Board shall be compensated. ARTICLE 19. NOTIFICATION ABOUT INSURANCE ACCIDENT 1. In case of insurance accident, policyholder under CIVL contract and (or) other person legally possessing the car must advice insurance company about it. Conditions and period for advising about insurance accident, as well as other activities of the insurance company and participants of the accident shall be defined by the Bureau rules. 2. CIVL contract shall specify exceptions from provisions of part 1 hereinabove, for cases where policyholder and (or) other person legally possessing the car, has lost

13 consciousness because of the accident or were in a state which made impossible for them to advise insurance company about the accident in accordance with conditions and during period defined by the contract, or if the policyholder was or could not be aware about insurance accident because the other person legally possessing the car failed to tell him about the accident, or due to a different reason. Policyholder and (or) other person legally possessing the car shall bear the burden of proving the impossibility of advising insurance company about the accident (or their unawareness about it). Where circumstances preventing to fulfill the duty of advice, as defined hereinabove, have been eliminated, policyholder and (or) other person legally possessing the car must promptly advice insurance company about insurance accident in manner defined by the contract. 3. Persons involved in insurance accident shall exchange all information that is necessary in order to receive insurance indemnity, such as their name and surname, address, name and surname of the owner of motor vehicle (company name), address (if the damage was caused by a person other than the owner), name and address of the insurance company, the CIVL contract number, and other data related to the motor vehicle. 4. If the insurance accident involved solely two motor vehicles and damage was caused only to property, the persons involved in the accident shall advise the respective insurance company (companies) that insured their liability, whereby: 1) in case of mutual agreement, they can complete the agreed-on declaration and submit it to the respective insurance company (companies), provided that the expected loss compensation does not exceed the size established by the Bureau for the independent settlement of case; 2) in case of mutual agreement, subject to the consent of the respective insurance company (companies), they can complete the agreed-on declaration and submit it to the respective insurance company (companies), provided that the expected loss compensation does not exceed the size established by the Bureau for the independent settlement of case. In case of not providing consent, the respective insurance company (companies) shall ensure arrival of it (their) representative (representatives) to the site not later than by the time defined by part 5 hereinunder. Where the respective insurance company (companies) does not provide consent, the agreed-on declaration shall not be signed and all issues related to insurance accident shall be settled under the general rules of determining the amount of damage as defined by this law. 5. Procedure on completing agreed-on declaration and submitting it to insurance company shall be defined by the Bureau rules. ARTICLE 20. PROCEDURE TO APPLY FOR INSURANCE INDEMNITY 1. The aggrieved person or his legal successor may apply for insurance indemnity to the insurance company that insured liability of the person who caused the damage, or, where provided by this law, the Bureau, within three months after the day of the insured accident. Where aggrieved person or his legal successor do not apply for insurance indemnity to the insurance company because they were unconscious, or in such a state which made impossible for them apply for insurance indemnity to the insurance company within the established period, or in case of damage caused to property, because the person responsible for the maintenance of property (property was passed to him for maintenance, use, or other purposes by his consent) did not advise them about the accident, the three month period shall start from the day when circumstances preventing application for insurance indemnity were eliminated, or from the day of learning about the accident. The aggrieved person or his legal successor shall bear the

14 burden of proving impossibility of applying for insurance indemnity within the established period, or their unawareness about the accident. 2. In order to receive insurance indemnity, the aggrieved person or his legal successor shall submit application and documents as defined by the Bureau rules. The application for insurance indemnity shall be substantiated and well reasoned. 3. Where the aggrieved person has a valid and effective CIVL contract signed with an insurance company operating in the Republic of Armenia in accordance with this law, subject to his or his legal successor s request, the insurance company must on a feefree basis represent interests of the aggrieved person or his legal successor in the process of receiving insurance indemnity defined by this law, unless where the aggrieved person and the person that caused damage have signed CIVL contract with the same insurance company. Where the aggrieved person and the person that caused damage have signed CIVL contract with the same insurance company, at the request of the aggrieved person or his legal successor, the Bureau must on a fee-free basis represent interests of the aggrieved person or his legal successor in the process of receiving insurance indemnity defined by this law. Where the aggrieved person was a pedestrian, or a passenger and he does not have a signed valid and effective CIVL contract with any insurance company operating in the republic of Armenia of, then at his or his legal successor s request the Bureau must on a fee-free basis represent interests of the aggrieved person or his legal successor in the process of receiving insurance indemnity defined by this law. 4. The Bureau may claim for refund of costs incurred on carrying out functions defined by part 3 hereinabove, from insurance company, which insured liability arising out of the use of the motor vehicle of the person who caused the damage, and where the letter is unavailable, from person who caused the damage. ARTICLE 21. DETERMINATION OF LOSS SIZE AND THE DEGREE OF GUILT 1. Where civil, criminal or court litigation proceedings were instituted, the size of damage caused to property shall be assessed and the degree of guilt of a person decided through the valid and effective decision of the court involved in the proceedings, whereas in case if such action was not brought to court, or the court involved in the proceedings did not issue a decision, the size of personal damage shall be assessed by the qualified experts of the Bureau, except for cases stipulated by part 4, Article 19 of this law, for which, according to the Bureau rules, a simplified process for determining the degree of guilt and (or) the size of loss by insurance company may be established. 2. Where civil, criminal or court litigation proceedings were instituted, the size of personal damage shall be assessed and the degree of guilt of a person decided through the valid and effective decision of the court involved in the proceedings, whereas in case if such action was not brought to court, or the court involved in the proceedings did not issue a decision, the size of personal damage shall be assessed by the health or other institution which provided treatment or recovered health of the aggrieved person, whereas the degree of personal guilt shall be assessed through expertise. 3. While carrying out expert examination and assessing the damage caused to property, the expert shall observe the law, other by-laws, including procedure and methodology for assessment and expert examination of damage caused by insurance accident, developed by the Bureau based on this law. 4. If damage was caused by several persons and the degree of guilt of each of them cannot be determined, then such persons (insurance companies which insured their liability arising out of the use of motor vehicle) shall bear joint liability against the

15 aggrieved person. In such case, provisions of Article 8 of this law shall separately apply to each of insurance companies. 5. If one person has caused damage to several persons, indemnity shall be paid to the degree of damage caused to each of them, taking into account provisions of Article 8, hereinabove. ARTICLE 22. DECISION ON PAYING INSURANCE INDEMNITY 1. Upon receiving the application defined by part 2, Article 20 of this law, insurance company (the Bureau) must take a decision on setting expert examination within the period defined by the Bureau rules, but not later than in 5 working days, unless civil, criminal or court proceedings were instituted and except the cases defined in part 1, Article 21 of this law, and provided by the Bureau rules. Expert examination shall not take more than 15 days. The Bureau by its rules may establish a shorter period for expert examination. Within 5 working days after expert examination, insurance company (the Bureau) shall advice in writing the policyholder and the aggrieved person (or his legal successor) about its results. Where within 5 working days, insurance company (the Bureau) does not arrange additional expert examination and does not request second expert examination, within 3 working day it shall take a decision in writing on paying or refusing to pay indemnity, sending it to the policyholder and the aggrieved person (or his legal successor) in a due manner within 3 working days. 2. If in the view of the policyholder, the aggrieved person (or his legal successor), insurance company (the Bureau), conclusion of expert examination is not clear or consistent, within 5 days after receiving notice as defined by part 1 hereinabove, they may arrange an additional expert examination by mutual consent. The period for additional expert examination shall be established by mutual consent of the policyholder, the aggrieved person (or his legal successor), insurance company (the Bureau), but it may not be more than 3 months. The additional expert examination shall be carried out at the expense of the Bureau. In case of arranging additional expert examination, insurance company (the bureau) shall within 5 working days advice the policyholder and the aggrieved person (or his legal successor) about the results of expert examination. Where insurance company (the Bureau) does not request a second expert examination within 5 days after sending he advise provided hereof, within 3 working day it shall take a decision in writing on paying or refusing to pay indemnity, sending it to the policyholder and the aggrieved person (or his legal successor) in a due manner within 3 working days. 3. Where the policyholder, the aggrieved person (or his legal successor), insurance company (the Bureau) disagree with the results of expert examination conducted in accordance with procedure established by parts 1 and 2 of his Article, he may request second expert examination within 5 working days from sending the advice as respectively defined by parts 1 and 2 of this Article. The second expert examination shall be conducted at the expense of the person that requested it. Request for second expert examination for the same insurance accident provided by this law may be made only once. 4. In case of requesting second expert examination, decision on arranging it and appointing the expert shall be taken by the Bureau, within 3 working days after receiving the request. The expert appointed pursuant to this part, may not be affiliated with the policyholder, insured person, the aggrieved person (his legal successor), insurance company or the Bureau. After the second expert examination, an additional expert examination may not be arranged, whereby results of the second expert examination may be appealed only through court. Within 3 working days after the end of the second

16 expert examination, insurance company (the Bureau) shall take a decision in writing on paying or refusing to pay indemnity, sending it to the policyholder and the aggrieved person (or his legal successor) in a due manner within 3 working days. 5. If an administrative action was brought through civil, criminal or court proceedings, which entered into force by a valid and effective court decision, as well as in cases in the Bureau rules specified defined under part, Article 21 of this law, insurance company (the Bureau) shall within three working days after receiving the documents established by the Bureau rules, take a decision on paying or refusing to pay indemnity. 6. Where insurance company (the Bureau) takes a decision on postponement of the period for arranging expert examination, established in parts 1, 2 and 4 of this Article, paying indemnity or refusing to pay indemnity, or on postponement of the period of conducting expert examination, insurance company (the Bureau9 shall pay to the aggrieved person or his legal successor penalty for each day of postponement. 1) 0.1 percent of indemnity amount, in case of postponement of period for taking decision on paying indemnity; 2) 0.1 percent of indemnity due to aggrieved person for the respective type of damage according to the CIVL contract on the motor vehicle that caused the damage, in case of postponement of period for arranging expert examination, refusing to pay indemnity, or postponement of period of conducting expert examination. 7. If an administrative case is under litigation through civil, criminal or court on the outcome of the case, periods indicated in parts 1,2,3,4 and 5 of this Article shall be suspended until the valid and effective decision of the settling court enters into force. Penalty established under part 6 of this Article shall not be levied for the suspended period. ARTICLE 23. INDEMNITY PAYMENT PROCEDURE 1. Insurance company (the Bureau) shall pay indemnity within 5 working days after taking the decision on paying indemnity, while in case of payment in installments, within the period established by the Bureau rules. Where insurance company (the Bureau) fails to keep the period (periods) defined by this part, it shall pay to the aggrieved person (or his legal successor) penalty in the amount of 0.1 percent of indemnity, for each day of delay. 2. Unless otherwise stipulated by this law or the Bureau rules, indemnity for damage to the health of a person shall be paid immediately after the medical verification. 3. Where damage to the health of a person was caused by using motor vehicle (except in case defined under Article 25, hereof), and it is necessary to provide medical treatment (or medical treatment was provided) and decision on paying or refusing to pay indemnity was not taken within 2 months after the aggrieved person has applied for medical treatment, subject to the application of the aggrieved person or his representative the Bureau shall cover costs of medical treatment in the amount and within period coordinated with him. In cases defined by this part, the Bureau shall cover only the costs for medical treatment that took place in the Republic of Armenia. Pursuant to the contract, the Bureau may outsource the duty defined hereof to any of the member insurance companies. Terms and conditions for outsourcing are established by the Bureau rules. 4. Where costs defined by part 3 of this Article were covered by the bureau or one of its member insurance companies, if the person who caused damage has been identified, the insurance company of the latter shall compensate the Bureau or insurance company for the paid amount out of indemnity due from it for covering such costs. The Bureau

17 *the respective insurance company) may claim for refund of the non-compensated amount, or the whole amount, in case if the person who caused damage was not insured against the liability, from the person who caused damage. Where the aggrieved person was guilty, the Bureau (respective insurance company) acquires the right of claim for refund against the aggrieved person, provided hereof, to the extent of the amount which the aggrieved person may not claim by law for compensation from the person who caused damage. In case provided in this part, insurance company that reimbursed the Bureau or insurance company shall be deemed as having paid adequate indemnity to the aggrieved person. ARTICLE 24. REJECTION OF INDEMNITY CLAIM BY INSURANCE COMPANY 1. Where defined by law or the Bureau Board rules, insurance company shall reject indemnity claim. 2. Indemnity claim may not be prohibited subject to fact that the aggrieved person was aware or may have been aware that the driver of the motor vehicle that caused the damage was influenced by alcohol, narcotics or psychotropics. 3. Decision on rejection of indemnity claim shall be substantiated (well reasoned). ARTICLE 25. EXCEPTIONS FROM THE RULE OF COMPULSORY INSURANCE 1. According to this law, the requirement of compulsory insurance shall not apply to liability of compensation damages arising out of the use of motor vehicles in such cases as: 1) damage from accident caused by force majeure events; 2) damage from accident caused by terrorist and military activities, public disorder or riots; 3) damage from accident that took place during transportation of hazardous waste, provided that hazardous waste is the sole reason of accident; 4) damage caused to aggrieved person due to his deliberate intent; 5) damage caused to flora and fauna, air, ground or underground waters, sub-soil that is the ownership of state; 6) damage caused to species of art, jewelry, precious stones, and metals; 7) damage caused to freight forwarded under freight forwarding contracts; 8) other damages defined by law. 2. According to this law, liability arising out of the use of motor vehicle shall not be subject to compulsory insurance for: 1) motor vehicles with maximum speed of 50 km per hour, or with a capacity of not more than 50 sm 3 ; 2) motor vehicles used exclusively in specially allocated areas for sport or leisure purposes, if they were used solely in such areas; 3) motor vehicles envisaged for driving exclusively on non general purpose roads, 4) motor vehicles imported into the Republic of Armenia not by driving, prior to their use in the Republic of Armenia. ARTICLE 26. PERSONS NOT ELIGIBLE FOR INSURANCE INDEMNITY 1. According to this law, the following persons shall not be deemed as aggrieved at insurance accident and shall not be eligible for insurance indemnity:

18 1) owner of the motor vehicle that caused damage, policyholder and person who caused damage, unless they were also subject to damage caused by motor vehicles owned by other persons; 2) persons who were in a stolen motor vehicle or in a motor vehicle which, while not stolen, still was used illegally, unless such persons were unaware that the motor vehicle was stolen or, while not stolen, still was used illegally, or persons that wherein the motor vehicle against their wish; 3) family members of the owner or other person legally possessing the motor vehicle, in terms of damage caused to property, unless they were also subject to damage caused by motor vehicles owned by other persons. According to this clause, family members are parents, spouse, children, brothers and sisters of the owner or other person legally possessing the motor vehicle. ARTICLE 27. INSURANCE COMPANY RIGHT OF SUBROGATION 1. Insurance company has the right of claiming for refund (subrogation right): 1) against person who caused damage, if the latter: a. if, while driving the motor vehicle at the moment of accident, the latter was influenced by alcohol, narcotics or psychotropics; b. left the place of accident without reasonable excuse, or refused to pass alcohol, narcotics or psychotropics control test; c. Did not have driving license, or was barred by law from such right, unless otherwise stipulated in sub-clause c, part 2, hereinunder; d. did not sent an advice to insurance company abut the accident within the period and in accordance with terms and conditions defined by CIVL contract. 2) against owner of the car that caused damage (policyholder), if: a. as of the date of caused damage, the motor vehicle did not pas technical inspection, and the accident was caused by such malfunction, which could have been identified during technical inspection; b. did not send an advice to insurance company about the accident within the period and in accordance with terms and conditions defined by CIVL contract; c. trusted driving the motor vehicle to a person not having a driving permission and knew or should have known that the person does not have such right. d. signing CIVL contract, provided apparently false information to insurance company about circumstances which had a major significance for determining the degree of insurance risk, unless insurance company was or should have been aware of such circumstances before the accident. 3) Furthermore: a. against the owner of the territory or road of the accident, if the accident was caused by the breakage or poor condition of the territory or road, for which the owner was guilty; b. against the company that conducted technical inspection of the motor vehicle, if the proximate reason of the accident was a deficiency of the motor vehicle, which was not identified during technical inspection, caused by its improper or inadequate execution. c. in cases and in manner stipulated by law, against other persons due to whose fault the accident took place. 2. If according to this Article insurance company acquires subrogation right against several persons, such persons are deemed as its joint debtors.

19 SECTION 4. THE BUREAU STATUS, SETTING UP AND SUPERVISION ARTICLE 28. STATUS OF THE BUREAU 1. In the Republic of Armenia, the Bureau of insurance companies performing compulsory insurance of liability arising out of the use of motor vehicles shall be established and have the status of a union of legal persons. 2. The goal of the Bureau is to protect interests of aggrieved persons and ensure stability and development of the CIVL system. The Bureau shall enhance efficiency of the member insurance companies, coordinate and control their activities and develop code of professional conduct of the member insurance companies. 3. Property transferred to the Bureau by the Bureau members according to the Bureau rules is the property of the latter. The Bureau shall use such property for the accomplishment of the goals stipulated by the law, by-laws and its charter. Property of the Bureau may not be distributed among its members. The Bureau shall not be responsible for the liabilities of its members, unless otherwise stipulated by law. The Bureau shall be responsible for the damage caused by it through violation of provisions of this law and by-laws. 4. The Bureau may acquire status of a legal person and carry out business operations only after registration at the Central Bank. 5. Persons not registered in compliance with this law and the Central Bank procedure may not operate as a Bureau, use in their firm name, public statements or advertisements such words (combination of words) which may be confused with a Bureau, or its activities. 6. Activities of the Bureau shall be governed by this law, other laws, Central Bank prudential regulations, the Bureau rules and by-laws. 7. With the view to implementing its tasks, the Bureau shall: 1) recruit staff; 2) in accordance with this law, ensuing by-laws and the Bureau rules, establish and maintain Informational System; 3) in accordance with the Republic of Armenia Civil Code, this law, ensuing by-laws and the Bureau rules, manage the Guarantee Fund and organize payment of insurance indemnities through it. ARTICLE 29. SETTING UP, REGISTRAION OF THE BUREAU. MEMBERSHIP AND MEMBERSHIP CESSATION 1. The Bureau shall be set up by the Central Bank. 2. Constituent Document of the Bureau is the Central Bank resolution to set up the Bureau and arranging its membership therein. 3. The Bureau Charter and the Guarantee Fund Rules shall be endorsed by the Bureau resolution on setting up the Bureau and arranging its membership therein. Rules of the Guarantee Fund shall inter provide for generation and management of the Bureau funds. 4. The Central Bank by its Board resolution shall register the Bureau as a legal person, approve the Bureau Charter and rules of establishment and management of Guarantee Fund, within 15 days after endorsement by the Central Bank. From the date of registration at the Central Bank the Bureau shall acquire the status of a legal person. 5. Within 5 working days after registration by the Central Bank, the Bureau shall open a special account for Guarantee Fund and make a lump sum payment of 15,000,000 Armenia drams thereto. Within 5 working days after taking decision on registration of the

20 Bureau, the Central Bank shall notify the body responsible for state registration of legal entities, publish in media outlet with at least 1,000 printed copies, place onto its web page and notify all insurance companies operating in the Republic of Armenia. 6. Further to the Central Bank, members of the Bureau may be insurance companies which have the license for performing insurance activities under the respective class stipulated in clause 10, part 2, Article 7 of the Republic of Armenia law On Insurance and Insurance Activities, which have at least one permanently operating branch or agent in each marz of the Republic of Armenia and comply with the provisions of the law and by-laws. 7. Membership of insurance companies in the Bureau may be released at their own initiative, in cases of termination of the right of performing insurance activities under the respective class stipulated in clause 10, part 2, Article 7 of the Republic of Armenia law On Insurance and Insurance Activities, liquidation, or in other cases as established in the Bureau rules. The Bureau shall notify the Central Bank in writing about membership and membership cessation cases in it, within 3 days after taking each such decision. 8. Where membership of insurance company in the Bureau has been ceased, but at least one CIVL signed by that insurance company is still valid, the insurance company shall continue to bear liabilities committed under such contracts for the whole period of contract, unless the insurance company is not part of the contract anymore, or where, subject to law, insurance companies was adjudged insolvent (bankrupt). ARTICLE 30. REGULATION AND CONTROL OF THE BUREAU ACTIVITIES 1. The Central Bank shall regulate and control activities of the Bureau. In order to perform the control as stipulated by law, the Central Bank may by its prudential regulations define requirements on the Bureau activities. 2. The Bureau shall submit to the Central Bank reports, the form, content, terms and period of submission of which shall be established by the Central Bank prudential regulations. The Central Bank may by its prudential regulations establish the content and procedure for publication (dissemination) of information by the Bureau through its web site, press, information bulletins, media outlets, etc. 3. The Central Bank may perform inspection of the Bureau activities in accordance with the procedure and at intervals established by this law. During the inspections, the Bureau must provide to the Central Bank all the necessary information and documents that are relevant to the inspection. Inspections of the Bureau by the Central Bank shall be performed in manner stipulated under the Republic of Armenia law On the Central Bank. 4. The Central Bank may not disclose information deemed as secret under law, which was obtained during the course of supervision and may publish it or provide to other persons only in cases and in manner stipulated by law. 5. In order to ensure sustainability of the CIVL system, the Central Bank may provide to the Bureau systemic loans, which are used for implementing tasks set up for the Bureau or the Guarantee Fund. Systemic loans and interest (penalties) on them shall be covered exclusively from their proceeds. In the meaning of this law and the ensuring bylaws, systemic are the loans provided to the Bureau by the Central Bank Board resolution in accordance with this part. ARTICLE 31. ACTIVITIES OF THE BUREAU 1. The Bureau shall:

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