TURKEY: Top market priorities inventoried by TSB and SEDDK top representatives

9 December 2020 — Daniela GHETU
Important issues in front of the sector were also discussed during the visit. It was agreed that the working groups highlighted by Turker Gursoy would be quickly implemented.

In a meeting held at the new Turkish insurance market's supervisory body headquarters, top representatives of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) and the Turkey Insurance Association (TSB) have discussed the market top priorities.

According to a press statement released after the meeting, the priority issues are listed as follows:
  • Realization of the necessary legal regulations so that there is no gap in the market as a result of the cancellation of some articles of the General Conditions of Traffic Insurance of the Constitutional Court
  • Revision of Tariff and Instruction on Voluntary Earthquake and Volcano Eruption Coverage
  • Simplification of existing legislation, revision of General Conditions
  • Distance Sales Regulation
  • The need for a solution regarding KVKK, especially regarding explicit consent
  • Imposing an insurance limit for non-pecuniary damage within the scope of Medical Bad Practices and calculating the reserve reserves of the pool
  • Legislative change in order to popularize surety insurance
  • Making Legal Arrangements for Informing Through Electronic Communication Tools Even Face-to-Face Sales
  • Participation insurance legislation change requests
  • Regulation needs to support growth in relation to IPS and Automatic Enrollment, such as the inclusion of the age of 18 in PPS, digitalization of processes
  • Increasing diversity in life insurances
  • Close monitoring of the sector with its Comprehensive Surveillance Infrastructure

TSB's President Atilla BENLI underlined that after the Chairman and Board members of SEDDK started their duties on June 5, 2020, their intensive efforts to solve the problems of the sector effectively and efficiently were highly appreciated by the sector companies and stakeholders. "In an environment where remote work continues due to the Covid-19 epidemic, we are very happy that the insurance sector continues to communicate with SEDDK in a strong manner. We believe that SEDDK will take even faster actions in the upcoming period together with its young, dynamic and well-known management staff and employees," he said.

SEDDK President Turker GURSOY thanked TSB's Management and the industry companies for their strong support since the day they took office, and underlined that they are happy to work closely with all stakeholders of the sector in these days, which are going through difficult times due to the Covid-19 pandemic.

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