1. Insurance companies operating in the Republic of Armenia shall have an all-time-available website.
2. Insurance companies and their branches operating in the Republic of Armenia shall undertake to place information on their website, as follows:
1) financial statements (at least the latest annual and quarterly reports) and a copy of external audit's report on financial statements. Insurance companies shall publish the financial statements referred to in this point in the press as well;
2) announcement on convening an annual general meeting. Insurance companies shall publish the announcement on convening an annual general meeting in the press as well;
3) copies of the decisions on paying dividends and, if available, copies of acts defining the dividend payment policy of insurance company;
4) information on entities possessing a qualifying holing in insurance company, namely their names, the size of their share in the insurance company (except for entities having an indirect qualifying holding who do not have a share in the statutory capital of insurance company), data on insurance contracts concluded by insurance company with entities having a qualifying holding and entities affiliated therewith during the previous year, including the object of insurance, the
insurance sum and the insurance tariff;
5) the list of members of the board, the executive body and their personal data, i.e. their names, date of birth, biography, size of the total remuneration of members of the board, the executive director and chief accountant received from insurance company during the previous year (including bonuses, fees for certain work done for insurance company, other salary equivalents), data on insurance contracts concluded by insurance company with entities having a qualifying holding and entities affiliated therewith, including the insurance objects, insurance sum and insurance tariffs;
6) In addition to the information provided for in points 1-5 of this Paragraph, the Central Bank may require insurance companies to publish also other information in their website, in the press and mass media, in accordance with the procedure and frequency stipulated by prudential regulations of the Central Bank, except for information constituting commercial, insurance and other secret;
7) Insurance companies shall undertake to publish the amendments to the information provided for in points 1-5 of this Paragraph within 10 business days after the day of the amendments;
8) Insurance companies shall undertake to publish, on a daily basis, updated information on their insurance services with regard to insurance types, classes and subclasses, including terms of insurance and proposed insurance tariffs in their website, in a separate booklet or otherwise accessible to the public (at the headquarter of the insurance company, its branch or representative offices).
3. Insurance companies shall undertake to publish the auditor’s opinion and the annual financial report in the press within 120 days after the end of the financial year and their quarterly financial report - by the 15-th of the month following each quarter. Insurance companies shall undertake to publish their financial reports also in a separate booklet or otherwise accessible to the public (at the head-quarter of the insurance company, its branch or representative offices).
4. Insurance company shall, upon the request of any party, provide:
1) copies of the state registration certificate and the charter of insurance company; 2) in case of open subscription for shares, the copies of the prospectus for the issue of shares of insurance company;
3) in case of public offering of issued bonds and other securities of an insurance company, information provided for by acts regulating the securities market and other regulations;
4) information or copies of documents provided for in Paragraph 1 of This Article;
The fee for the provision of information referred to in this Paragraph shall not exceed the actual expenditures made for the preparation and postal delivery thereof.
Insurance company shall post at its headquarters, branch and representative offices, in a visible place, an announcement on the opportunity of obtaining the information referred to in this Paragraph, as well as the procedure, place and time for obtaining the mentioned information. 5. The procedure for publication (provision) of the information referred to in this Article may be stipulated by prudential regulations of the Central Bank.
6. Each shareholder of insurance company shall be entitled to receive from insurance company, free of charge, the copies of the latest annual report of the insurance company and the auditor's opinion.
7. Upon the request of each shareholder/s possessing 2 percent or more of outstanding voting shares of insurance company, the insurance company shall provide him/them, free of charge, the following information, even if it constitutes a commercial, insurance and other secret:
1) information referred to in this Article on the board, the executive director and the chief accountant;
2) the size of the total remuneration of the board members, the executive director and the chief accountant received from insurance company during the previous year (including bonuses, fees for certain work done for the insurance company, other salary equivalents), data on
insurance contracts concluded by the insurance company with entities having a qualifying holding and entities affiliated therewith, including the insurance objects, insurance sum and insurance tariffs, information on shareholders having a qualifying holding in the insurance company, namely their names, the size of their share in the insurance company (except for entities having indirect qualifying holding who do not have a share in the statutory capital of the insurance company), data on insurance contracts concluded by the insurance company with entities having a qualifying holding and entities affiliated therewith, including the insurance objects, insurance sum and insurance tariffs;
3) information on large-scale transactions concluded with insurance company and entities affiliated therewith, as well as on transactions which have been concluded during the two years preceding the request and which are related to the implementation of operations by insurance company, as provided for by this Law;
4) information on commitments undertaken by insurance company towards the entity related with the insurance company;
5) information on the availability of contracts aimed at the establishment of a shareholders’ group of the insurance company conducting the same policy, as well as the names of participants of insurance company signatory to those contracts;
6) copies of documents certifying the property right of insurance company towards the property reflected in the balance sheet of the insurance company, copies of internal acts of the insurance company approved by the general meeting and other management bodies, as well as copies of charters of independent subdivisions and entities of the insurance company, financial and statistical reports to be submitted by the insurance company to state authorities, minutes of the general meeting, meetings of the board and the management, reports on inspection carried out by the Central Bank, resolutions of the Central Bank on sanctions imposed to the insurance company and/or managers of the insurance company, reports submitted to the executive director (management) and the board by the head of internal audit;
7) a list of legal entities, in the statutory capital of which the managers of insurance company or entities affiliated therewith have a share of 20 percent and more or an opportunity to influence on their decisions.
All shareholders of insurance company shall be provided with the minutes of the Counting Committee.
The shareholders of insurance company having obtained information shall not transfer it to other entities. Nor shall they use that information for compromising business reputation of the insurance company, violating the legitimate interests and rights of shareholders of the insurance company or its customers or for purposes whatsoever. Otherwise, they shall be held liable under laws and/or the relevant contract.
8. Information to be provided to the shareholders of insurance company on the board members, the executive director and the chief accountant, as well as on the candidates of board members shall include:
1) their names, date of birth;
2) professional and educational background; 3) positions held during the last 10 years;
4) the date of assuming (being elected to assume) the given office, and the date of dismissal; 5) the number of re-nominations to that position;
6) the number of voting shares (stocks, stakes) of insurance company belonging to the board member, the executive director, chief accountant or the candidate for a board member and parties affiliated therewith;
7) information on legal entities where the given entity occupies a managerial position;
8) the nature of interrelations of the insurance company with parties related to the insurance company;
9) other data provided for by the charter or internal regulations of insurance company.
announcements made in their name such misleading information or statements made by other entities on the given insurance company, which may lead to a misleading assumption on the financial standing of the company, its position in the financial market, reputation, business reputation or legal status thereof.
10. Information published or provided by insurance company in accordance with this Article should be complete and accurate.