Under Turkish Law, insurance intermediaries consist of agents, brokers and private pension intermediaries. Brokers, agents and Private Pension Intermediaries are regulated under their own regulations which are respectively; Regulation on Insurance and Reinsurance Brokers, Regulation on Insurance Agents and Regulation on Private Pension Intermediaries. Agents of insurers and insurance and reinsurance brokers are subject to supervision and regulations of the Treasury. There are minimum capital requirements and working conditions foreseen by their respective regulations for the brokers and agents. No broker or agent can perform such activities without holding a relevant license from the Treasury.

Pursuant to Article 2/1-m of the IC, the agent is defined as a legal or real person having adopted it as a profession to intermediate to insurance contracts in the name and account of the insurers for a permanent term within a specific place or region based on a contract without holding a title such as  commercial representative, commercial attorney, sales official or employee, or performing such activity on behalf of the insurance company and who carry out the preparatory works before the conclusion of the contract and assist during the implementation of the contract and payment of claims.

Pursuant to Article 2/1-d of the IC, the broker is defined as a legal or real person having adopted it as a profession to observe the rights and benefits of the clients who want to purchase coverage, provide preparatory works before the conclusion of insurance and reinsurance contracts, assist clients in the application of such contracts and payment of the indemnity by representing them and acting impartially and independently in the selection of insurers or reinsurers who will provide coverage under such contracts.

Private Pension Savings and Investment System Code, No. 4632 (“PPC”) defines private pension intermediaries as persons who act as intermediaries to the pension contracts of pension companies or executing the same on behalf of the pension companies. Private Pension Intermediaries may be employed by brokers. Such Private Pension Intermediaries are entitled to get quotes from all private pension companies on behalf of the participants who are represented by private pension intermediaries employed by the brokers.