A presidential decree related to the Insurance and Private Pension Regulation and Supervision Agency (SDDK) has been gazetted, opening the way for the establishment of the new independent regulator.
SDDK's duties and powers are as follows:
To make regulations and take decisions on the subjects that are within the scope of duties and powers related to insurance and private pension,
To determine the strategic plan, performance criteria, objectives and targets of the institution; service quality standards and the budget of the agency; to establish human resources and manpower policies and to determine the service units of the institution and their duties,
To approve reports showing the performance and financial status of the institution,
To discuss and decide on proposals for the purchase, sale and rental of real estate,
To perform other duties set out in laws and presidential decrees.
Previously, the Treasury oversaw the insurance industry. With the decree now published in the Official Gazette, a total of 357 personnel with the Treasury's insurance supervision unit, including the chairman, 2 vice presidents, 9 department heads and 20 group heads, are assigned to the SDDK.
The decree entered into force as of the date of publication in the Official Gazette which was 18 October 2019.
Insurance industry players welcome the establishment of the SDDK, saying that with as an independent agency, SDDK will be able to introduce initiatives more quickly, and the market will be more driven.
The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced last April, that promises structural reforms for the financial sector.