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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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