Press Release
The First Meeting of the Insurance Sub-Committee of the Transit Transport Coordination Council (TTCC) was held at Tehran on 29-30 May 2007. The Meeting was hosted by Bimeh Markazi Iran (Central Insurance of Iran). Delegations from eight ECO Member States namely the Republic of Azerbaijan, the Islamic Republic of Iran, the Republic of Kazakhstan, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Republic of Tajikistan, the Republic of Turkey, the Republic of Uzbekistan, and the ECO Secretariat attended the meeting.
His Excellency Dr. Norouz Kohzadi, the President of Bimeh Markazi Iran (Central Insurance of Iran), inaugurated the Meeting. He welcomed the participants and dilated on the ECO history and important developments in the economies of the member states and the ECO region. He highlighted the importance of the Third Party Liability Insurance in facilitating transit transport in the ECO Region.
In his opening statement, Dr. Serik Alibayev Deputy Secretary General ECO, explained insurance related activities of the ECO and highlighted the need to establish the Motor Vehicle Third Party Liability Insurance Scheme as a major element of the TTFA.
Then the Meeting considered the Draft ECO Interim Motor Vehicle Third Party Liability Insurance Scheme at length and adopted it as a basis for the establishment of the ECO White Card. The “White Card” Scheme will act as third party insurance cover which will allow vehicles traveling between member countries to subscribe to a single insurance scheme, rather than obtain cover using separate insurance contracts in each county. Once operational, the ECO White Card will contribute to the competitiveness of member countries by reducing cross border transport cost.
According to the TTFA the final draft adopted by the 1st Meeting of the Insurance Committee will be submitted to the next TTCC Meeting, which will be held in Baku, for final approval. Meanwhile, an action plan will be prepared to put the implementation of the Scheme on a faster track.
In order to enhance the capacity of the Insurance Authorities of some Member States for effective implementation of TTFA and the scheme, the Meeting decided to initiate professional training courses and programmes for capacity building.
The Meeting also adopted the ToR of the Insurance Sub-Committee of the TTCC as proposed by the ECO Secretariat
[Home] [Contact us] [Feedback] [Back]