The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has set out new minimum capital requirements for various branches of insurance.
According to the Circular on Minimum Capital Amounts Projected for Insurance Branches (2021/24), published on the SEDDK website on 30 November 2021, the paid-in base capital shall not be less than TRY36.576m ($2.74m) for insurance and reinsurance companies that have completed establishment procedures and applied for the first licence after the publication of the circular.
In addition to the base capital, insurers have to pay the minimum capital amount stipulated for each insurance branch for which they apply for a licence.
Taking into consideration the minimum capital required for the various branches of business, the total minimum capital requirement could be TRY175.56m for a non-life insurer and TRY215.07m for a life company. The total minimum capital requirement is TRY124.36m for a reinsurer. M