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Accueil > Actualités & Publications > Recent developments in the Turkish insurance sector

Actualités & Publications

Recent developments in the Turkish insurance sector

2 juillet 2014

Client Alert | Turkey | Insurance

The first six months of 2014 have been busy for the Turkish insurance sector, in particular due to recent changes affecting the legislative environment. Everything started with the adoption of the Consumer Protection Law No. 6502 in late 2013, which was followed by the entry into force of several pieces of legislation concerning insurance professionals. This regulatory boom follows on from the new policies put in place by the Turkish Government on consumer protection and awareness of the financial investment markets, which is supported by the new "Action Plan on the Financial Access, Education and Protection of the Financial Consumer" recently adopted by the Turkish Prime Ministry.

Since April, the following main legislative texts (which entered into force on their respective date of announcement) have been issued as regards the insurance sector:

  • The Regulation on the Insurance Agencies, published in the Official Gazette No. 28980 on 22 April 2014 ("Agencies Regulation"),
  • The Regulation on the Activities to be Considered within the Scope of Insurance Activities, Insurance Agreements Concluded in Favor of the Consumer and Distance Insurance Agreements, published in the Official Gazette No. 28982 on 25 April 2014 ("Insurance Activities Regulation"), and
  • The Circular No. 2014/8 of the Undersecretariat of Treasury on the implementation of the Agencies Regulation, published on 22 May 2014 ("Circular No. 2014/8").

 

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Gide Turkey Client Alert | Insurance | July 2014
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