News Middle East08 Apr 2021

Turkey:Insurance players calls for single unified insurance Act

| 08 Apr 2021

Insurance industry practitioners are lobbying the government to draw up a unified insurance law for the sector, which is now covered by a host of different pieces of legislation.

Mr Fahri Altingoz, the chairman of the Insurance Practitioners Association (Sigorta Tatbikatcilari Dernegi [STD]), notes that the insurance sector is governed by the Insurance Law enacted in 2007. In addition to the Insurance Law, there are separate pieces of legislation regulating the activities of different professions in insurance industry (eg. brokers, loss adjusters, etc.) and different types of insurance (eg. life insurance, reinsurance, etc).

Furthermore, a principal piece of legislation regulating insurance contracts in Turkey is the Turkish Commercial Code (TCC), reported Insurance Gazette.

The different laws fall under the purview of different ministries, which makes it difficult to adopt required solutions in a timely manner.

Mr Altingoz said, “There is a need for the insurance code to be under a single roof to facilitate the development of the insurance industry.”

“It would be a more correct and realistic solution to compile the insurance legislation in a single and comprehensive Act and to empower a single public authority to ensure coordination between the different provisions of the legislation."

Mr Altingoz pointed out examples of the separate pieces of legislation that currently govern the insurance industry:

  • The insurance contract is mostly covered by the Turkish Commercial Code.

  • The rules to be applied to insurance contracts that qualify as consumer contracts are set out in the Law on the Protection of the Consumer.

  • The rules regarding the regulation and supervision of the state's insurance business and the industry actors (insurance and reinsurance companies, insurance intermediaries, experts, actuaries) are in the 2007 Insurance Law,

  • Special regulation relating to traffic insurance is in the Highways Traffic Law,

  • Some provisions regarding disaster insurance are in the Disaster Insurance Law,

  • Provisions regulating agricultural insurance are included in the Agricultural Insurance Law.


 

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