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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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