Insurance and reinsurance—Turkey—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Turkey—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Turkey—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Turkey published as part of the Lexology Getting the Deal Through series by Law Business Research (published: April 2020).

Authors: Cavus & Coskunsu Law Firm—Çağlar Coşkunsu

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

The Ministry of Treasury and Finance (MTF) is the main regulatory body with respect to state supervision on insurance and reinsurance activities. The President of the Republic of Turkey issued Decree No. 47 on 18 October 2019 where it is decided to establish the Insurance and Private Pension Regulatory and Supervisory Organisation and Board. During the transition period until the Insurance and Private Pension Regulatory and Supervisory Organisation and Board are fully organised, the MTF supervises insurance and reinsurance companies through two agencies: the Insurance Supervisory Board (ISB) and the General Directorate of Insurance (GD). Insurance Law No. 5684 (the Insurance Law) and Regulation on Insurance Supervisory Board of the Undersecretariat of the Treasury No. 4059 primarily set out the organisation and duties of the ISB and the GD. The ISB, according to article 28 of the Insurance Law, is the main regulatory agency responsible for regulating insurance and reinsurance companies. The ISB is responsible for the supervision of all insurance operations in accordance with their special laws, insurance and reinsurance intermediaries, loss-adjusting

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