Yerevan /Mediamax/. Armenian parliament approved today in third and final reading the law on “Compulsory Insurance of Liability from Use of Transport Means”.

Mediamax reports that, according to the law, the system of compulsory insurance has been implemented in Armenia since January 1, 2011: by this time, all owners of car transport means are obliged to insure their cars. Insurance policies will start functioning since January, 2011.

A bureau of companies, providing insurance services, will regulate the process of compulsory car insurance. The bureau will be founded by the Central Bank of Armenia.