The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has amended a regulation, that among various requirements, mandates insurance companies to provide real-time data.
The amendments, introducing significant changes to the Insurance Information and Supervision Centre Regulation, were published in the Official Gazette on 23 June. The objective is to improve data quality, strengthen digital surveillance capabilities and enable faster management of operational processes.
Insurance companies are required to transmit their production data to the centre in real-time. This means that data flow in the sector will become more up-to-date, faster, and traceable. The aim is to create a more dynamic infrastructure for risk monitoring, portfolio tracking, reporting, and auditing processes.
At the same time, the processes related to the transmission of claims data have also been revamped. Accordingly, insurance companies will be obliged to transmit current outstanding claims data to the centre by the end of the day. Other damage data will be transmitted simultaneously and updated as necessary.
Traffic accidents
Another key aspect of the amended regulation is the process for assessing fault in traffic accidents.
To assess fault in traffic accidents, several accident report evaluation committees can be established within the Insurance Information and Supervision Centre (SBM), in response to a request from the Insurance Association of Turkiye. This step is expected to increase the efficiency and speed of assessing fault in traffic accidents.
With the amendments to the regulation, SBM’s organisational structure is rearranged. SBM, whose administrative headquarters are in Istanbul, will be able to open branches in Istanbul and other cities under the new regulation. This change is noteworthy in terms of strengthening SBM's operational capacity and field support structure.
Fees for excessive usage
The amended regulation also includes a provision regarding the use of SBM data. If insurance companies, authorised users, and specialised organisations are found to be using SBM systems beyond the limits set forth in the procedures and principles determined by the management committee and the SEDDK, they may be charged a fee. This arrangement is considered important in terms of the sustainable use of the centre's digital infrastructure and the efficient management of system resources.
Effective dates
The data obligation requirements in the regulation will come into effect on 1 August 2026. The other requirements came into effect on 23 June.