Azerbaijan Forecasts Amount Of Insurance Fees From Sale Of Green Cards To Foreign Drivers
(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 2. Azerbaijan's
Compulsory Insurance Bureau forecasts up to 10 million manat ($5.82
million) of insurance fees from the sale of green cards by
Azerbaijani insurance companies for vehicles registered in Georgia
and Kazakhstan, by the end of 2023, Executive Director at the
bureau Rashad Ahmadov told reporters, trend reports.
According to Ahmadov, from January through April this year
alone, insurance fees from the above activity amounted to 3.1
million manat ($1.8 million).
In 2022, the bureau made payments under the Green Card system in
the amount of 910,421 manat ($535,540) in connection with traffic
accidents that occurred abroad.
The Green Card international vehicle liability insurance system
has been operating since 1951. Its main goal is to settle claims of
victims of road accidents committed with the participation of
foreign motorists, in accordance with the national legislation of
the country where the accident occurred.
According to the agreement "On green card", an insurance policy
for motor third-party liability issued in any country participating
in the agreement is valid in the territory of another country that
is a member of this agreement.
The national bureaus of the Green Card are part of a single
organization - the Council of Insurance Bureau headquartered in
Brussels, which operates under the auspices of the Working Group on
Road Transport of the Inland Transport Committee of the United
Nations Economic Commission for Europe.
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