Corporate, regulatory and operational matters of stakeholders of Insurance sector such as insurers, reinsurers, insurance intermediaries, actuaries and loss adjusters are regulated in the Insurance Code, No. 5684 (“IC”).

Insurance and reinsurance contracts are mainly regulated under the 6^th book of the Turkish Commercial Code No. 6102 (“TCC”) titled “Insurance Law”. Provisions of Turkish Code of Obligations, No. 6098 apply where there is no specific provision in the TCC with regard to the insurance contracts.

Pursuant to Article 2 of the Law on the Structures and Duties of the Treasury Undersecretariat and The Foreign Trade Undersecretariat, Turkish Undersecretariat of Treasury (“Treasury”) is entitled to issue regulations, communiqués, circulars, sector announcements and general terms for insurance lines. These secondary legislation also plays a major role in regulating the insurance sector.