The compulsory insurance bureau (CIB) has reached an agreement with the International Bureau Council (IBC) on the sale of a “green card” by local insurance companies to drivers of vehicles registered in Georgia and Kazakhstan.

This is reported by the CIB.

The bureau has sent an official appeal on this matter to the SME, the report says. According to the agreement, starting from January 1 next year, Azerbaijani insurers will sell “green card” insurance certificates to vehicle owners in these countries. It is expected that local insurance companies will earn great profits from this activity, that is, from the export of services.

In January-November this year, in line with “green card” insurance system CIB paid about 531.000 manats for insured events committed by Azerbaijani citizens abroad, and more than 95.000 manats for insured events committed by foreign citizens in the country. Among the road accidents involving Azerbaijani citizens abroad, the largest payment was made for an incident registered in Germany that cost 31,586 manats. Among the road accidents that occurred on the territory of the country with the participation of foreign citizens, the largest payment was made for an incident committed by a Russian citizen that cost to 23,000 manats.

Recall that “green card” insurance system, operating under the Working Group of the United Nations Economic Commission for Europe on Road Transport, was established in 1949 to facilitate international transportation and regulate losses under this system. CIB has been performing the functions of the National Green Card Bureau since January 1, 2016, representing Azerbaijan in the international “green card” insurance system, acting as a coordinating and specialized organization for this system

Source: Turan News Agency