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 year, Azerbaijan's exports fell sharply. In 2024, the country's exports amounted to $26.55 billion, while imports stood at $21.06 billion. The positive trade balance was $5.50 billion, according to the State Customs Committee (SCC).
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The final investment decision (FID) for the construction of the Shafag Solar Power Plant (SPP), based on a feasibility study, is expected in 2025, BP Vice President for the Caspian Region Bakhtiyar Aslanbayli told journalists on Friday.
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BP Plc plans to start gas production from the deep gas reservoirs of the Azeri-Chirag-Gunashli (ACG) block by the end of 2025, BP-Azerbaijan's head of press service, Tamam Bayatly, told reporters.
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In a strategic move to bolster innovation and technological advancement, Azerbaijan’s İRİA (Innovation and Digital Development Agency) and Israel Aerospace Industries (IAI) have signed a Memorandum of Understanding (MoU). The agreement aims to deepen economic, industrial, scientific, and technological collaboration between the two countries.
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