Karine Sargsyan appointed new director of Insurance Foundation for Servicemen of Armenia

YEREVAN, May 3. /ARKA/. Karine Sargsyan has been appointed new director of the Insurance Foundation for Servicemen of Armenia.

She has replaced Varuzhan Avetikyan, who announced his decision to resign in April this year. Avetikyan is a managing partner of TK & Partners law firm.

Karine Sargsyan is one of the first graduates of the American University of Armenia. She holds an MBA and studied management at Northwestern University in Illinois (USA).

She held management positions at a number of major companies, including Johnson-Johnson, Coca-Cola, the United Nations, the Austrian Development Agency and the Armenian-American Chamber of Commerce (AmCham).

In a statement announcing her appointment as director of the Foundation, she pledged to do her best to provide sustainable financial support and the necessary resources for the Foundation’s beneficiaries.

"I am confident that the stories of our heroes will bring values such as faith and respect to our society, and the Armed Forces will serve as a solid platform to unite Armenians around the world," she said.

The Insurance Foundation for Servicemen was created to ensure social welfare, stable and various insurance compensations for servicemen and families of servicemen, who died, went missing or were disabled during the defense of the country.

According to the current law, the closest relatives of career army officers, contract servicemen and conscripts who die or become gravely disabled while on combat duty receive 10 million drams ($20,000) one-time payment and wounded soldiers suffering from less serious disabilities receive 5 million drams in compensation.

In addition to these one-off payouts, the families of killed or disabled army officers, contract soldiers and conscripts are eligible to monthly pensions ranging from 100,000 to 300,000 drams for 20 years.

Every working Armenian citizen makes monthly mandatory contributions to the Foundation. -0-