The Republic of Armenia instituted mandatory third party insurance of all vehicles on January 1st2011. To establish the necessary regulatory environment, standardize the specifications, guarantee the accuracy of damage assessment and budgets, reduce fraud and to facilitate settlements for the insured, the Central Bank of Armenia has decided to create a Single Window for Automotive through a concession awarded to Bureau Veritas – Governments Services & International Trade Division.
This electronic exchange platform (Armenia Single Window for Automotive) centralizes all the data about insurance policies and claims. It will be used by all stakeholders of auto insurance and will ensure top quality service through rationalization of processed information and standardization of procedures.
The project was launched in May and the online subscription of insurance policies will be operational by the end of 2014.
The Single Window for Automotive facilitates compliance with the regulations in force in the best practices environment and allows Armenia to become a regional reference as well as a benchmark for international institutions in the modernization of the insurance sector and market transparency.
The contract was signed on May 13, 2014 in Yerevan in the presence of François Hollande, President of the French Republic and Serge Sargsyan, President of the Republic of Armenia.
Investment and operating costs are funded by Bureau Veritas Group under a Public Private Partnership.