Turkey: Reinsurance

Sigorta Acenteleri Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik ("Yönetmelik") 22.01.2025 tarihli Resmi Gazete'de yayınlanarak yürürlüğe girmiştir.

Insurance Law in Turkey has been a complex legal area over the years. Fundamental principles and benchmarks should be observed, understood and absorbed.

According to Article 3 of the Turkish Insurance Code ("Insurance Code"), insurance and reinsurance companies operating in Türkiye must be established as either joint stock company or cooperative as per Turkish Commercial Code ("TCC") and be registered and licensed in Türkiye.

"Regulation on Collection, Storage and Sharing of Insurance Data" ("Regulation") which is prepared by the Insurance and Private Pension Regulation and Supervision Authority...

The Regulation on Collection, Storage and Transfer of Insurance Data ("Regulation") has been published in the Official Gazette dated 18.10.2022 and numbered 31987.

The Regulation Amending the Regulation on Measures regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism ("The Amending Measures Regulation")...

Liberalization of the regulations governing the insurance sector commenced in the 1980s, in parallel with legal reform of other financial sectors.

The Turkish insurance sector has undergone serious changes in the last years and the complexity of the applications in the sector has increased because of the financial instability and tax system. In the year 1987, a remarkable insurance reform was made through amendments to the Insurance Supervision Law No. 7397 (the "Law") that had been in effect since 1959.