Azerbaijan takes steps toward entering into Green Card System

By: Vusala Abbasova

Azerbaijan takes huge steps toward entering into the Green Card System, which will relief Azerbaijani citizens from the unpleasant problems related to vehicles, different types of property, life and health in a few foreign countries.

The Compulsory Insurers Bureau (ISB) of Azerbaijan has implemented the financial requirements of the Green Card Council in order to become a full-fledged member of the regional group.

In accordance with the Council’s requirements, the ISB has placed 5 million euros in the European bank and provided a guarantee letter from the bank to the Green Card Council on October 29.

Earlier, the sides agreed that Azerbaijan will implement the financial requirements of the Green Card Council on acceptance of the country as a full-fledged member of the regional group as of November 1.

The next stage of involving into the southeastern group of the Green Card System is concluding bilateral agreements with at least 75 percent of the participating countries signed onto the Green Card system.

Azerbaijan has already begun to implement this process. Currently, as many as 12 countries are the members of the southeastern Green Card System of motor insurance, including Albania, Bosnia and Herzegovina, Bulgaria, Cyprus, Macedonia, Greece, Iran, Israel, Moldova, Romania, Serbia and Turkey.

At the 19th session of the southeastern group of the Green Card System held on October 8-9 in Sarayevo with the participation of Azerbaijan, it was decided that the ISB would be responsible for all payments under the terms of the Council, including preparing and submitting reinsurance contracts.

Only companies that are members of the Bureau and have the right to engage in compulsory insurance of civil liability of vehicle owners (OSAGO) will be able to connect to the system.

Generally, only 11 companies of 15 ISB’s companies in the country, have the right to sell policies from compulsory third party liability insurance.

The Green Card System of motor insurance is a compulsory insurance policy for third party liability, issued by any member country of the agreement, and is valid on the territory of any other country that is party to the agreement.

Car owners will have to purchase an Azerbaijani Green Card before entering a country that is a member of the system. At the same time, car owners registered in those member states that are part of the system, will not need to contract border insurances.

If a car owner holding an Azerbaijani Green Card suffers losses in the territory of a member country, then the sum of the insurance payment will be determined by the largest amount provided in the legislation of the country.

The Green Card International System has been functioning since 1951. Its main goal is the settlement of claims of victims of road accidents committed with the participation of foreign car drivers in line with national legislation.

The Green Card system covers a total of 46 countries, including Russia, European countries, Israel, Morocco, Tunisia and Iran.

SOURCE: AZER NEWS

Related Post
الشهادة تعالج الطلب المتزايد بين المنظمات الدولية على الحماية من مخاطر الطرف الثالث المتزايدة دبي،
الشهادة تعالج الطلب المتزايد بين المنظمات الدولية على الحماية من مخاطر الطرف الثالث المتزايدة دبي،
Qatar's Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman Al-Thani said that the siege