The annual meeting of the Board of Trustees of the Military Insurance Fund took place

18 May, 2020
On May 18, the annual meeting for 2019 of the Board of Trustees of the Military Insurance Fund which had been postponed because of the epidemic of the coronavirus took place in the administrative complex of the RA Ministry of Defense.

Before passing to the questions of the agenda of the meeting, Chairman of the Board of Trustees, Minister of Defense of Armenia David Tonoyan presented the new members of the Board, Member of the National Assembly, Chair of the Standing Committee on Protection of Human Rights and Public Affairs Naira Zohrabyan, Deputy Chairman of the RA State Revenue Committee Mikael Pashayan, appointed by the Government of Armenia, member of the Yerkrapah Volunteer Union Barsegh Barseghyan, as well as representative of the “Arar” Foundation Ara Chalabyan.

During the meeting, the executive director of the foundation Varuzhan Avetikyan presented a comprehensive report on the indices of 2019, emphasizing that the volume of compensations during the reporting period was 822 mln. AMD. In particular, 166 cases were compensated, 17 of which were the cases occurred after 2017 (10 to the families of the killed servicemen, 7 to the families of the disabled servicemen), 18 of which occurred in 2015-2016 (14 to the families of the killed servicemen and 4 to the families of the disabled servicemen). 131 compensations were provided for the cases of 2008-2014 (109 of which to the families of the killed servicemen and 22 to the families of the disabled servicemen).

During the meeting, it was noted that during the reported year, as compared to 2018, the amount collected by the fund increased by more than 1 billion drams (about 8 billion drams) and the total assets of the fund have already exceeded 24 billion. By the way, the mentioned index is 2.5 billion drams more than the amount collected in 2017. At the same time, studies have shown that during 2019, on a monthly basis, the number of payers increased by about 55,000.

Compared to the previous year, the amount generated from the fund's asset management has almost doubled to about 1.3 billion drams (about 790 million drams in 2018 and 153 million drams in 2017). At the same time, it is noteworthy that the amount generated from the actual fund's assets management for the second year in a row is higher than the compensations made by the fund (1.3 billion drams were received from asset management, while the compensation amount was 822 million drams).

The program successfully continues to operate on the principle of being accountable to the public and providing exceptional transparency, an evidence of which is the fact that the Fund is audited by one of the 4 best audit companies in the world, Ernst&Young (EY Armenia) (https://www.ey.com/en_gl) positive conclusion for 3 years).