The reinsurance company, with which the Compulsory Insurance Bureau (BCI) will work in the international system of auto insurance Green Card, is the British Guy Carpenter, the BCI Executive Director Elkhan Guliyev told journalists at VI Azerbaijan International Insurance Forum (AIIF-2015). He referred to the most favorable terms offered by the said partner.
Under the terms of membership, before January 1, 2016, when the system will begin to work in the country, in the Council of Green Card Bureau must be submitted a bank guarantee in the amount of 5 million Euros and a reinsurance program. All the necessary conditions will be met by the government until October 2015," said Guliyev.
The decision on the accession of Azerbaijan to the system was taken in this year's regular session of the General Assembly of the Council of Green Card Bureau in the Polish city of Sopot.
The Green Card system includes 47 countries, mostly European. The Board of the Ministry of Finance of Azerbaijan has approved the amounts of insurance contributions to the automobile insurance system Green Card. According to this decision, the size of a single deposit insurance companies participating in BCI, wishing to carry out activities within the Green Card, is set at 10,000 manats. It will enter into force on 1 January 2016. --17D-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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