Turkey Insurance Industry - Governance, Risk and Compliance
Turkey Insurance Industry - Governance, Risk and Compliance report is the result of extensive research into the insurance regulatory framework in Turkey.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
- The IRSA regulates the Turkish insurance industry.
- The Turkish insurance industry allows 100% foreign direct investment.
- The provisions of the Insurance Law 2007 regulate the life and non-life insurance businesses in Turkey.
- The motor third-party liability insurance, liability insurance of a carrier to the passenger of the aircraft, and third-party liability insurance for hazardous activities are the key compulsory classes of insurance.
- Non-admitted insurance is not permitted in Turkey with a few exceptions.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Turkey including -
- An overview of the insurance regulatory framework in Turkey.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Turkey.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
- The report covers details of the insurance regulatory framework in Turkey.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Gain insights into the insurance regulatory framework in Turkey.
- Track the latest regulatory changes, and expected changes impacting the Turkish insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
1.1 What is this Report About?
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Civil Liability insurance for domestic and foreign aircraft flying within Turkish airspace
2.4.3 Third-party liability insurance for hazardous activities
2.4.4 Earthquake insurance for buildings
2.4.5 Liability insurance for clinical trials
2.4.6 Professional liability insurance for insurance and reinsurance brokers
2.4.7 Liability for ships with respect to oil pollution
2.4.8 Personal accident insurance for mine workers
2.4.9 Marine liability insurance for coastal pollution
2.4.10 Private security financial liability insurance
2.4.11 Carrier liability insurance for freight forwarders
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Insurance and Private Pension Regulation and Supervision Agency
2.5.3 Insurance Association of Turkey
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Turkey - Insurance Regulatory Framework Key Features
Table 3: Turkey - Life Insurance Regulatory Framework
Table 4: Turkey - Property Insurance Regulatory Framework
Table 5: Turkey - Motor Insurance Regulatory Framework
Table 6: Turkey - No Claims Discount Rates
Table 7: Turkey - Liability Insurance Regulatory Framework
Table 8: Turkey - Tariff Rate for Motor Third-Party Liability Insurance in 2019
Table 9: Turkey - Motor Third-Party Liability Minimum Cover Limits
Table 10: Turkey - Motor Third-Party Liability Minimum Cover Limits
Table 11: Turkey - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 12: Turkey - Tariff Rates Based on Earthquake Zones and Building Type
Table 13: Turkey - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 14: Turkey - Variable Capital requirements for Insurance Classes
Table 15: Turkey - Corporate Tax Rates for the Financial Year 2020
List Of Figures
Figure 1: Turkey - Insurance Supervision and Control at Various Levels
Figure 2: Turkey - Insurance Regulatory Frameworks for Company Registration and Operation
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