Azerbaijan may join international Green Card system in 2015

Business Materials 12 December 2013 12:00 (UTC +04:00)

Baku, Azerbaijan, Dec. 12

By Emin Aliyev -Trend:

Azerbaijan may join the International Association of National Motor Bureau (Green Card system) in 2015, chief of the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, Namig Khalilov told journalists on Dec.11.

"If we manage to make the necessary changes to the legislation before the deadline, then it will happen in 2015. Otherwise, the entry will be postponed until 2016," Khalilov said.

Khalilov said that membership of the association implies conformity to several indicators.

"There are requirements on terms related to changes in legislation, financial guarantees, reinsurance arrangements and others. Work is underway in all directions," Khalilov stressed.

The Green Card international system of motor insurance has been functioning since 1951. Its main objective is the settlement of claims of victims of road accidents in accordance with the national legislation of the country where the accident occurred with the participation of foreign motorists. That is according to the agreement 'On the Green Card', insurance policy for civil liability of motor vehicles issued by any member state of the agreement and shall be valid in another country that is a member of the agreement.

Translated by M.L.

Edited by S.M.