Mr. Fahri ALTINGOZ explained that having a single law for the insurance industry will facilitate the development of the insurance sector and "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."
The principal law that governs the insurance contracts in Turkey is the Turkish Commercial Code (TCC). According to Mr. ALTINGOZ, other examples of separate pieces of legislation that currently govern the insurance industry are:
- Law on the Protection of the Consumer which refers to the rules to be applied to insurance contracts that qualify as consumer contracts
- The 2007 Insurance Law referring to the regulation and supervision of the state's insurance business and the industry actors (insurance and reinsurance companies, insurance intermediaries, experts, actuaries)
- Special regulation relating to traffic insurance is in the Highways Traffic Law
- Some provisions regarding disaster insurance are in the Disaster Insurance Law
- Agricultural Insurance Law which refers to provisions that regulates the agricultural insurance sector.