Bill on insurance legislation amendments submitted to Azerbaijani government
Baku, Azerbaijan, Jan. 22
By Abbas Akhundov - Trend:
The Azerbaijani Ministry of Finance submitted a bill on amendments to the law on "Obligatory kinds of insurance" to the government. It was prepared to create a legal framework for connecting the country to the Green Card international system of civil liability insurance of vehicle owners, head of the State Insurance Supervision Service under the Azerbaijani Ministry of Finance Namiq Khalilov told Trend on Tuesday.
"The document may be submitted to the Azerbaijani Parliament during the spring session," he said.
The changes were prepared in accordance with international regulations, as well as the requirements of the Council of Bureau (International Association of National Motor Bureau), international experience.
It is planned to amend the bureau's charter after making these changes. Moreover, other numerous documents, including the blank for Green Card and tariffs to be applied by the insurance companies, as well as the damage regulating rules, a status of insurance companies, the requirements, the reserve formation rules necessary for the activity in this system and so on will be taken to ensure the activity of the Green Card system.
Azerbaijan will be able to connect to the Green Card in 2014-2015, the bureau said earlier.
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 '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.
The Green Card National Bureau is part of a single organization under the Bureau Council with headquarters in Brussels. The system covers 46 countries, namely Russia, all European countries, Israel, Morocco, Tunisia and Iran.
The Motor Bureau in Azerbaijan started operations in December 2011. It was established in accordance with the requirements of the law on 'Obligatory kinds of insurance'.
Translated by NH
Edited by CN