Turkey: There is a need of a single law for the Turkish insurance industry

28 April 2021 — Alexandra GUZUN
The Turkish insurance industry is covered by different pieces of legislation which need to be unified in a single law, Fahri ALTINGOZ, Chairman of the Turkish Insurance Practitioners Association stated. Insurance companies are now waiting for the government to draw up the unified insurance act.
 
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.
Mr. ALTINGOZ also stated that since 2007 when was adopted the Insurance Law, there are separate pieces of legislation for the activities in insurance industry (eg. brokers, loss adjusters, etc.) and different types of insurance (eg. life insurance, reinsurance, etc).

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