Azerbaijan became the 48th member of the international insurance system Green Card.
According to the information on the website of the Bureau of Compulsory Insurance (BCI), the Council of Bureaux Green Card at the General Assembly in Sopot, Poland took the country into the system and approved the launch of the local insurers under the Green Card on 1 January 2016.
Green Card is an international agreement on compulsory insurance of liability of owners of vehicles (CTP) and an agreement on mutual recognition of member countries of the Agreement of insurance policy liability for owners of motor vehicles.
Agreement on Green Card entered into force on 1 January 1953. According to it, the insurance policy issued in any country - a member of the agreement is valid on the territory of another country - partner in the agreement.
BCI was established in the framework of the implementation of the law "On compulsory types of insurance". Currently, members of BCI are 15 of the 27 local insurance companies, 12 of them engaged in CTP. --17D-
Economics
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