News Middle East02 Jul 2019

Turkey:New independent regulator to have 7-member executive board

| 02 Jul 2019

The proposed independent regulator of the insurance industry, the Insurance Regulatory and Supervisory Agency (SDDK), will have a seven-member executive board to allow for effective decision making.

Deputy Undersecretary of the Ministry of Treasury and Finance, Dr Ahmet Genc, who was a panel speaker at an industry conference held last Friday in Tarsus in south central Turkey, told attendees that studies on setting up the SDDK are progressing rapidly.

He said, “All decisions for the sector will be made by a seven-person board and will be taken quickly. My personal opinion is that it would make insurance legislation simpler. We need to make supervision effective and serving a guiding role.”

The conference was attended by insurance officials and senior executives who discussed developments in the industry, in particular the establishment of the SDDK as well as industry plans and targets.

Mr Mehmet Akif Eroglu, secretary general of the Insurance Association of Turkey, said that insurance companies want to see the SDDK established. He stated that the correct structure of the agency would be one which would allow it to make quick and effective decisions.

Mr Levent Korkut, president of the InsuranceAgencies Executive Committee (HRH), said that the board of the SDDK should be composed of people who have rich experience working in this sector. He said, “We want insurance companies, agencies and experts to have representatives on the seven-person board. We, as insurers, know what the problems are and we solve them.”

Turkey Insurance Adjusters Association president Ahmet Nedim Erdem said that members of the association support the establishment of the SDDK, as it would help resolve problems faced by insurance experts and agencies.

Senior executives of leading companies in the sector also took the floor and underlined the necessity for the SDDK to be established immediately. They hope that the independent regulator will produce effective solutions quickly.

Minister of Treasury and Finance Berat Albayrak announced earlier this year that SDDK will be set up to supervise the sector.

The SDDK will be the third regulator in the Turkish financial services sector. Currently, there are the Capital Markets Board and the Banking Regulation and Supervisory Agency. At present, the Treasury oversees the insurance industry.

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