TODAY.AZ / Business

Azerbaijan, Russia ink deal on Green Card System

24 June 2016 [16:17] - TODAY.AZ

/By Azernews/

By Nigar Abbasova

Azerbaijan and Russia have signed a bilateral agreement on the Green Card System of motor insurance.

Sergei Razuvan, the head of Russian Green Card Bureau announced about this while addressing the Azerbaijan International Insurance Forum (AIIF – 2016) on June 24.

“The document will come into force since August 1, 2016,” he said.

Negotiations with the Russian side on the mutual recognition of system have dragged out because of the issue relating to occupied territories of Azerbaijan.

Previously, Elkhan Guliyev, Executive Director of the Compulsory Insurance Bureau (ISB) said that the sides had reached a consensus on non-application of the insurance policies in the occupied territories of Azerbaijan.

He underlined that the issue will get actuality after the release of the Armenian-occupied territories

Azerbaijan accessed to the Green Card system since January 1, 2016. As much as 1,444 insurance contracts with the total worth of 224,000 manats ($146.3) have been signed in January-May 2016.

Main objective of the system are facilitation of the movement of vehicles across international borders by the use of an internationally acceptable document proving the existence of insurance as well as ensuring that victims of accidents involving foreign registered vehicles are not disadvantaged.

A National Insurers’ Bureau is established in each participating country with the view of guaranteeing that a victim suffering damages from a road traffic accident caused by a foreign vehicle (from another participating country) will be compensated in the country of accident.

The Green Card system currently comprises 47 countries.

Compulsory Insurance Bureau (ISB) performs a function of a national insurance bureau of the international Green Card system in Azerbaijan.

URL: http://www.today.az/news/business/152070.html

Print version

Views: 1553

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: