The State Revenue Committee has presented for public discussion the draft on making changes in the RA Law “On Insurance and Insurance Activity”.

It is envisaged that the insurer, the reinsurer, the insurance intermediary will provide the information, which constitutes an insurance secret about its clients and the Bureau about the clients of its members, to the RA tax authorities in accordance with this law, for the purpose of using information in accordance with the purposes of tax control.

The information constituting an insurance secret shall be submitted to the tax authority in accordance with the procedure established jointly by the Central Bank of the Republic of Armenia and the tax authority.

The justification of the project states that as a result of the development of the draft, it is expected that the information containing the insurance secret will be provided to the tax authorities without the court’s decision, in order to use it within the framework of tax control.