The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published the final declaration of the Insurance Sector Consultative Meeting, which was held in September.
The meeting discussed insurance market growth, policyholder satisfaction, macroeconomic conditions and stakeholders' proposed solutions to issues. Industry stakeholders also proposed changes that they hoped to see implemented in the sector.
To develop solutions for the development of the insurance sector, raising public awareness of insurance and strengthening the sector's contribution to financial stability, meeting participants decided to establish working committees to regularly consult with all parties.
The SEDDK said that it is open to proposals and suggestions for sectoral development and that the necessary regulations will be drawn up and enforced.
Wishlists
a) Insurance Agents Executive Committee of the Union of Chambers and Commodity Exchanges of Turkiye (SAIK)
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expansion of compulsory traffic insurance coverage,
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elimination of price and application differences between distribution channels, prohibition of promotional practices in compulsory insurance and updating of coverage limits
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preventing unauthorised insurance activities
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sectoral representation
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limiting the insured's right to choose an insurance company
b) Insurance Experts Executive Committee of the Union of Chambers and Commodity Exchanges of Turkiye (SEIK)
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regulation regarding the smart appointment system,
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prevention of unauthorised ‘insurance expert’ practices,
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revision of disciplinary provisions for insurance experts,
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determination of loss of value calculation criteria.
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partnership structure of insurance expert entities
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risk analysis by insurance experts in public facilities and businesses
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addressing reporting deficiencies in the Insurance Information and Monitoring Centre
c) Insurance Brokers Association (SBD)
d) Insurance Association of Turkiye (TSB)
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Determination of insurance loss valuation, and standardisation of calculation methods
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Restriction on businesses directly related to insurance in Insurance Law No. 5684
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Expansion of regulations regarding insurance contracts in the law and provision of contract conclusion and disclosure through Permanent Data Storage
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Amendment of the regulation regarding guarantee accounts
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Amendment of the regulation regarding the arbitration of insurance disputes
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Proposed tax regulations
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Permission for life and pension companies to act as intermediaries in the purchase and sale of investment funds
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Proposal to establish a joint communication platform under the name of “Insurance Sector Platform” with the participation of the SEDDK, TSB, SEIK, SAIK, SBD, and other designated industry partners
The September meeting reiterated the critical role of insurance in the national economy. The importance of policyholders was also emphasised. The various parties at the meeting aimed to increase policyholder satisfaction, ensure sustainability, and prevent unfair competition. The importance and need for support for insurance intermediaries were also emphasised.
It was stated that the use of equivalent parts in motor vehicle insurance will be encouraged. There are plans too for product-based certification of spare parts manufacturers operating in Turkiye.