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 [...]
Treasury with its service units such as General Directorate of Insurance and Insurance Inspection Board is the primary state authority which regulates and supervises the insurance sector. Duties and powers of the Treasury can be [...]
Under Article 3 of the IC, insurers and reinsurers which are going to operate in Turkey shall be established as joint stock companies or cooperatives (for mutual insurance activities). However pursuant to Article 15 of [...]
Insurance companies may engage in either life insurance or non-life insurance lines. In terms of operating in Turkey, within one year following their establishment, all insurers and reinsurers must obtain a license from the Treasury [...]
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 [...]
Certain transactions such as mergers, acquisitions, portfolio transfers or share transfers and winding up of an insurance company are subject to the Treasury's approval.
Pursuant to the Article 11/5 of IC, foreign words shall not be used in insurance contracts. Principally, the Turkish translation of foreign words shall be used as determined by the Turkish Language Institute.
According to Article 11/1 of the IC, the main content of insurance contracts is arranged in accordance with the general terms approved by the Treasury. However, parties can determine special conditions in accordance with the [...]
Pursuant to Article 15 of the IC, insurable interests which are located in Turkey and belong to residents of Turkey have to be insured in Turkey by the insurers which are operating in Turkey. However [...]
Under Article 31/A of the IC, any person or cooperation and/or its employees, officers and directors which are subject to IC shall not disclose any information acquired during their services to anyone other than the [...]