Turkish authorities are ready to set up SDDK - the new independent Insurance Regulation and Supervision Authority, according to the Minister of Treasury and Finance, Berat ALBAYRAK quoted by Middle East Insurance Review.

The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced last month, that promises structural reforms for the financial sector. Currently, the Treasury supervises and regulates the insurance industry, an industry where it operates more than 60 companies with foreign investors commanding around 70% of the market.

Can Akin CAGLAR, Turkey Insurance Association President (TSB) said that the establishment of the SDDK would expand the insurance industry because "the legislative arrangements will be released much more quickly, and the market will be more driven in anticipation of expectations and needs" (Middle East Insurance Review).