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Synopsis
Timetric’s Governance, Risk and Compliance – The Turkish Insurance Industry 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 Timetric’s 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.

Summary
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 country’s 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.

Scope
- 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 country’s 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.

Key Highlights
- The Turkish insurance industry is regulated by the Undersecretariat of Treasury.

- The Turkish insurance industry allows 100% foreign direct investment.

- The life and non-life insurance businesses in Turkey are regulated by the provisions of the Insurance Law 2007.

- 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 compulsory classes of insurance.

- Non-admitted insurance is not permitted in Turkey with a few exceptions.

Table Of Contents

Governance, Risk and Compliance - The Turkish Insurance Industry
Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest changes in Regulations
2.3 Regulations 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
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Undersecretariat of Treasury
2.5.3 Insurance Association of Turkey
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types 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 margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer

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 - Liability Insurance Regulatory Framework
Table 7: Turkey - Tariff Rate for Motor Third-Party Liability Insurance
Table 8: Turkey - Motor Third-Party Liability Insurance Cover Limits (TRY)
Table 9: Turkey - Motor Third-Party Liability Insurance Cover Limits (US$)
Table 10: Turkey - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 11: Turkey - Tariff Rates Based on Earthquake Zones and Building Type
Table 12: Turkey - Corporate Tax Rates for the Financial Year 2016

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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