His speech came in the context in which one of the Azerbaijan's insurance market medium-term priorities to connect to international system of third party liability of vehicle owners, by becoming a Green Card System member. The country already tool steps in this direction, preparing the necessary logistics. "The results of automating the process of concluding insurance policies on compulsory insurance of liability of vehicle owners show that we will soon be able to join Green card system," said Azerbaijani Deputy Finance Minister, Azer BAYRAMOV at AIIF 2012.
The compulsory MTPL segment of the Azeri insurance market is regulated under Chapter III of the Special Part of the Law of the Republic of Azerbaijan "On Compulsory Insurance". Since December 2011, when the new law was enforced, the 11 companies licensed to sale compulsory MTPL policies have issued, until the end of May, policies worth AZN 19.97 million and paid claims of AZN 0.16 million.
According to abc.az, the Compulsory Insurance Bureau of Azerbaijan reported that within the framework of country's accession to Green Card system CIB Executive Director Elkhan GULUYEV and the Head of the State Insurance Supervisory Service of the Ministry of Finance of Azerbaijan Namig KHALILOV met with the President of Council of Bureaux, Mariusz WICHTOWSKI and the General Secretary Greet FLORE. "In the course of the meeting the sides covered the commencement of the Azerbaijan Republic's admission to membership in the Green Card System," it was informed.
Azerbaijan initiated the process of accession after adoption of the Law on Compulsory Insurance of Civil Liability of Vehicle Owners in 1995. However, only on 1 October 1999 the 14 companies established the National Green Card Bureau, which passed state registration on 22 December 1999. At the General Assembly of the system members on 3-4 June 1999 in Oxford, Azerbaijan received the status of a transit member of the system. It was expected to receive full membership before the end of 2001, but it was prevented by the lack of real interest to the green card, change of the order of the insurance sector regulation and legislation in the field of compulsory insurance in the country. Now the country is forced to start the process all over again.