Turkey: New independent insurance regulatory agency to be established

[…] expectations and needs.” The president of an insurance agents’ association, Mr Haci Ali Yucel, welcoming the establishment of the SDDK, noted that under the BRSA, a much healthier and stronger banking system has been established. He added, “The first step in the journey of a strong and healthy structuring of the insurance sector will be the establishment of the Insurance Regulation […] “Compulsory insurance must be increased. All the assets of the state must be insured with private insurance. Mandatory traffic insurance must be arranged according to drivers, not vehicles.” The SDDK is part of Turkey’s “New Economy Programme Structural Transformation Steps 2019” announced last month, that promises structural reforms for the financial sector. Among these are: The private pension system will be restructured. An effective savings system will be created and a more sustainable pension system established. A Turkish reinsurance pool will be operational soon to facilitate access to insurance by businesses in “risky” industrial sectors such as chemicals. The “New Economy Programme Structural Transformation Steps 2019” is a follow-up to the New Economic Programme launched in September 2018 laid the grounds for free market rules, a tight fiscal policy, sustainable growth, a fairer tax regime and the […]