The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has issued a circular to ensure that insurance personnel whose work involves the Turkish Financial Reporting Standard 17 (TFRS 17) have the required knowledge, skills, and competencies.
The circular, dated 22 January 2026, aims to ensure the competencies of personnel working in insurance technology and finance through certification. The regulation covers insurance, reinsurance, and pension companies that prepare financial reports under IFRS 17, and also imposes obligations on insurance groups.
The goal is to ensure the effective implementation of TFRS 17. The certification requirements will take effect from 1 January 2027.
According to the regulation, insurance entities are required to have certified personnel working in units or departments directly related to IFRS 17, such as finance, accounting, financial reporting, actuarial science, reinsurance, internal control, risk, compliance and insurance technology. Those subject to certification must be employed full-time within the company and work in roles directly related to IFRS 17 activities.
The minimum number of certified personnel is determined by considering the company's asset size and premium production, as follows:
Required Certified Personnel
|
Company Type
|
Criteria
|
Finance (Min)
|
Insurance Technology
(Min)
|
|
Standard Company
|
Below the thresholds listed below
|
1 person
|
1 person
|
|
Non-Life & Reinsurance Companies
|
Assets of at least TRY30bn ($692m) or Gross Premium of at least TRY25n
|
2 persons
|
2 persons
|
|
Life Companies
|
Assets of at least TRY200bn or Gross Premium of at least TRY10bn
|
2 persons
|
2 persons
|
|
Insurance Group
|
Standard requirement.
|
1 person
|
2 persons
|
|
Insurance Group
|
If thresholds are exceeded
|
2 persons
|
3 persons
|
Qualifications required for persons to be certified
-
Hold an undergraduate (Bachelor's) degree.
-
Not have been convicted of specific crimes (e.g., embezzlement, bribery, fraud, tax evasion, etc)
-
Have at least three years of professional experience in relevant fields
-
Successfully pass the certification exams.
To receive TFRS 17 certification, the personnel involved will have to take examinations conducted by the Insurance Training Centre. The exams will cover topics such as IFRS 17 basic concepts, economics and finance theory, accounting and financial reporting, actuarial science, and basic insurance legislation. To ensure the continuity of professional knowledge and competence of certificate holders, refresher training is mandatory. It is stipulated that the certification of those who do not participate in this training will be suspended.
Companies that do not report under IFRS 17, external consulting and auditing firms, software providers, and outsourced personnel are not subject to the SEDDK’s TFRS 17 certification requirements. Certification is also not required for personnel working in sales, marketing, or support departments not directly related to IFRS 17.
In a separate circular, the SEDDK said that the content and reporting principles for the financial statements that insurance, reinsurance, and pension companies will submit for the year 2026 will be under TFRS 17.
According to the circular, companies will submit their interim financial statements and footnotes as of the end of March, June, and September to the SEDDK. The regulation stipulates that only year-end financial statements must be prepared on a comparative basis with the previous year and are subject to an independent audit.