Local Insurers to Start International Insurance Services

The Bureau of Compulsory Insurance (BCI) will act within the framework of the international insurance system of Green Card.

According to the Bureau’s report, on January 1, 2016 Azerbaijan will join the list of the Southeast Group of the said system, which already includes 12 countries: Albania, Bosnia and Herzegovina, Bulgaria, Cyprus, Macedonia, Greece, Iran, Israel, Moldova, Romania , Serbia and Turkey.

The decision was taken at the 19^th meeting of the regional group, held in Sarajevo on 8-9 October. For the first time it was attended by BCI representatives as guests, in particular, by its executive director Elkhan Guliyev. He made a presentation on the state of the local segment of the compulsory civil liability insurance of vehicle owners to third parties (CTP), and the process of connecting Azerbaijan to the system of Green Card.

Recall in May this year Azerbaijan was admitted to the Council of Green Card Bureau as a transit member for 10 years. By the Green Card agreement valid from January 1, 1953, the CTP insurance policy issued in any country - member of the agreement is valid on the territory of another country.

Members of the BCI are 15 out of 27 local insurance companies, 11 of them provide services for CTP.   --17D-