Turkey | Recent amendments to the insurance agencies regulation

The Amending Regulation to the Insurance Agencies Regulation was published on 16 January 2016 and focuses on the following main matters:

• The jurisdiction of the Insurance Agencies Executive Committee (SAIK) set up within the Union of Chambers and Commodity Exchanges of Turkey (TOBB) has been extended by way of abolishing several provisions from the Regulation previously issued by the Undersecretariat of Treasury (“Treasury”). The Regulation specifically provides that SAIK will now be entitled to issue relevant pieces of secondary legislation, which are expected to be effective as of 16 July 2016.
   
• New provisions governing the minimum requirements applicable to insurance agency contracts have been adopted.

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