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MOVABLE AND IMMOVABLE PROPERTY EVALUATION AND INSURANCE COMPANIES TENDER

“ARMBUSINESSBANK” CJSC is organizing a tender to cooperate with companies engaged in movable and immovable property evaluation and insurance companies.

Organizations wishing to participate in the tender may submit their bids in sealed envelopes to the Bank Head office at 48, Nalbandyan Street, Yerevan. The successful bidder (bidders) the then will be awarded a respective contract.
Bids will be accepted from May 2 to 10, 2012, during 9:30 -16.30, and will be summarized by inclusive of May 12, 2012.
The competition for Assessment companies will be announced on May 14, 2012 and for Insurance companies on May 16, 2012.

 

Terms of a competition for Independent Assessment Companies.


1. List of documents required to participate in the tender:

  • Application;
  • Copy of the Articles with additions and amendments thereto;
  • Certificate of state registration with inserts, including inserts containing information about the director;
  • Company TIN;
  • Copy of the license to expand evaluation activity (if available);
  • Copies of licenses of licensed appraisers;
  • Reports for the previous financial reporting year, approved by tax authorities;
  • List of property valuation (revaluation) activities carried out during the previous year;
  • Scale of liquidity ratios used depending on the type, cost and location of the property;
  • Appraisers as on the staff list of the Assessment company;
  • Statement on tax liabilities as of the latest reporting month;
  • Statement from a judicial department on the absence of bankruptcy;
  • Draft valuation agreements and samples of assessment opinions;
  • List of the Company subsidiaries (branches);
  • Statement on cooperation with other banks and financial institutions;
  • List of services and relevant fee schedule;
  • Other documents as required.

2. Companies participating in the tender must meet the following criteria:

  • Experience in assessment business for at least 3 (three) years in RA and at least 4 (four) months in Nagorno-Karabakh;
  • Existence of at least one (1) licensed appraiser in the Independent Assessment Company;
  • Independent Assessment Company and/or affiliated party shall for the entire course of a cooperation be ready and willing to invest a term deposit with the  Bank for the amount specified by the Executive Board of the Bank (such deposit to be deemed as a security of cooperation);
  • Existence of a branch network of an Independent Assessment Company, except for independent appraisers registered in NKR;
  • Experience of cooperation with banks and other financial institutions;
  • Establishment of a separate bank account with the Bank by the Independent Assessment Company to accept payments for the valuation of assets taken as collateral by the Bank.

 

Terms of  a competition for Insurance Companies.


1. List of documents required to participate in the tender:

  • Application;
  • Copy of the Articles with additions and amendments thereto;
  • Certificate of state registration with inserts, including inserts containing information about the director;
  • Company TIN;
  • Copy of the license to expand insurance activity;
  • Reports for the previous financial reporting year, approved by tax authorities;
  • Copy of independent auditor's opinion for the previous financial reporting year;
  • Statement on tax liabilities as of the latest reporting month;
  • Draft agreements for each type of insurance;
  • Statement on the share of each type of insurance in the aggregate insurance operations, the amount of insurance indemnities during the last 6 months;
  • Statement on cooperation with other banks and financial institutions;
  • Information on reinsurers of the organization;
  • Fee schedule applicable for the Bank customers by type of insurance;
  • Statement from a judicial department on the absence of bankruptcy;

2. Companies participating in the tender must meet the following criteria:

  • License to expand insurance business;
  • At least one (1) year’s experience in insurance business;
  • Existence of a branch network of the Insurance Company;
  • Experience of cooperation with banks and other financial institutions;
  • Establishment of a separate bank account with the Bank by the Insurance Company to enter insurance premiums;
  • Payment to the Bank of a commission by the  Insurance Company in the amount specified under a contract made by and between the Bank and Insurance company;

 

Insurance company shall for the entire course of a cooperation be ready and willing to invest a term deposit with the Bank for the amount specified by the Executive Board of the Bank (such deposit to be deemed as a security of cooperation). In the event of a violation of this requirement during the course of the cooperation, the Bank may temporarily exclude given company from the list of Insurance companies cooperating with the Bank.

 

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