The Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has stipulated that an actuary may undertake the duties of a Responsible Actuary for a maximum of three companies for the same period within a calendar year.
In its “Circular on Restrictions on Responsible Actuaries", SEDDK also said that such actuaries operating within the same group can serve a maximum of six companies in total.
The companies the actuaries serve can be insurance, reinsurance and pension companies.
The Circular will enter into force on 1 January 2027.
In Turkiye, a Responsible Actuary is a legally mandated, state-licensed professional in the insurance and private pension sectors. The main duties undertaken by Responsible Actuaries include calculating technical reserves, determining prices and tariffs, preparing official reports detailing the company's financial standing and risk analyses, presenting them to the board of directors, and ensuring regulatory compliance.