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Business practices

Article 14(3) оf the Republic of Armenia Law on Financial System Mediator establishes that in making a decision Mediator shall be based not only on the requirements of the Armenian legislation but also on the rules of business conduct and ethics, and customary business rules. Here you can find some examples of described business practices.

 

Customary business practice on applicability of the Republic of Armenia Law on Funds Transfer by Payment Order

Customary business practice regarding prolongation of the term of deposit contract

Customary business practice regarding insurance companies setting a timeframe for clients to get documents required for insurance indemnification 

Customary business practice regarding the form of deposit contract in favor of the third party

Customary business practice of insurance companies regarding the list of “licensed drivers” in the insurance contract

Customary business practice of banks regarding appeal of online transactions

Customary business practice of banks concerning consecutive mortgage

Customary business practice regarding pawnshops notifying in writing the pledgor before sale of collateral

Customary business practice regarding insurance companies setting a timeframe for clients to get documents required for insurance indemnification