Azerbaijan, Turkey ink protocol on green card systems integration [PHOTO]

14 March 2022 15:30 (UTC+04:00)


by Ayya Lmahamad

Azerbaijan Mandatory Insurance Bureau and Turkish Motor Insurance Bureau signed a protocol on the integration of vehicle owners’ “Green Card” legal liability insurance systems.

The document was signed by Rashad Ahmadov, General Manager of Compulsory Insurance Bureau, and Mehmet Akif Eroğlu, Director of Automobile Insurance Office, in Baku on 14 March.

The protocol aims to simplify and speed up border crossing procedures between Azerbaijan and Turkey and to help prevent the use of forged documents.

In addition, after the integration, the buying and selling of “green card” insurance policies will be facilitated.

Simplifying the border crossing procedure

Speaking at the meeting, Rashad Ahmadov stated that the integration of civil liability insurance systems “Green Card” between Azerbaijan and Turkey will facilitate and speed up border crossing procedures.

He noted that Azerbaijan has been using this system since 2016.

“The advantage is driver liability insurance abroad. It is possible to register trucks, cars, buses and motorcycles in the green card system. The dynamics of insurance cases in the countries participating in this project are multifaceted,” he said.

Ahmedov added that when the systems are integrated, the selling and purchasing procedure of green card policies will be simplified.

Expansion of commercial relations

President of the Turkish Insurance Association Atilla Benli noted that the integration of vehicle owners’ “Green Card” liability insurance systems between Azerbaijan and Turkey will help the development of commercial relations between the two countries.

He stated that the main purpose of system integration is to strengthen cooperation and improve insurance systems.

The protocol signed today will contribute to the commercial transportation between Azerbaijan and Turkey.

Turkish insurance model

In addition, Central Bank General Manager Ziya Aliyev stated that Azerbaijan plans to integrate the Turkish insurance model.

He noted that the insurance sector in Azerbaijan has been developing for 15 years and currently accounts for about one percent of the GDP.

“This sector has further development potential. We also have many joint projects that we plan to develop with Turkey. The Turkish insurance industry has a history of 150 years and this is a great experience for Azerbaijan. It can be applied,” he said.

Regarding the integration of the Turkish insurance model into Azerbaijan, he stated that it is planned to develop the market infrastructure and expand the compulsory insurance sector for this purpose.

Aliyev went on to say that the Central Bank has created a relevant program for the development of this sector, focusing on compulsory insurance, public and business information, digitalization, infrastructure and support tools.

“The insurance sector is also included in the new development program, including the financing field of the Central Bank of Azerbaijan,” he said.

Ayya ​​Lmahamad is staff journalist for AzerNews, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz


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