Military life insurance fund has been launched in Armenia

AMD 393,709,929 (US $808,921) have been accumulated on the account of the Servicemen Insurance Fund, set up in accordance with the Law on compensation of damage to the life or health of the servicemen defending the Republic of Armenia, that took its effect on January 9, 2017.

The Fund’s Board held its first meeting at the Armenian Defense Ministry. The Fund’s website – 1000plus.am, as well as its staff list, were presented at the meeting.

The Servicemen Insurance Fund will be managed by 9 individuals: 3 government officials, 3 Central Bank officials and 3 representatives of NGOs advocating the servicemen’s rights.

There is still 1 vacant position left in the Fund. It will be occupied by a representative from opposition. As Vigen Sargsyan, Armenian Defense Minister, reported during the meeting, after the consultations with the opposition it was decided that the opposition representative would be elected for this post after the parliamentary elections [the elections are due in April].

Vigen Sargsyan, who is an initiator of this bill, was elected the Fund’s Board Chairman. Varuzhan Avetikyan, the head of the Central Bank’s Legal Department, was elected the Fund CEO.

The Fund’s budget for 2017 was presented at the meeting. It is planned to spend AMD 1 billion 731 million (approximately US$3,5 million) from the Fund’s budget this year.