BCI Decides on Reinsurance Company within Green Card
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-
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- Economics
- 2 July 2015 15:36
Economics
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