TURKEY: The launch of SDDK more than closer after the publishing of the Presidential Decree in the Official Gazette

22 October 2019 — Andrei Victor
Turkish authorities opened the way for the setting up the SDDK - the new independent Insurance Regulation and Supervision Authority, by publishing the Presidential Decree in the Official Gazette. The SDDK is part of Turkey's "New Economy Programme Structural Transformation Steps 2019" announced in April 2019, that promises structural reforms for the financial sector.

Previously, the Treasury oversaw the insurance industry by supervising and regulating the insurance industry, an industry where it operates more than 60 companies with foreign investors commanding around 70% of the market.

The Presidential Decree entered into force as of the date of publication in the Official Gazette which was 18 October 2019. "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", wrote "Middle East Insurance Review".

According to the mentioned source, the 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.
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