15 janvier 2015
Client Alert | Turkey | Insurance
A few months after the adoption of the much debated Regulation on the Insurance Agencies published on 22 April 2014, the Undersecretariat of Treasury (the "Treasury") has issued three sector announcements and two circulars to clarify the situation of insurance agencies under the newly applicable framework. The last move of this regulatory restructuring is the recent amendment to the Regulation on the Insurance Agencies (the "Amendment") published in the Official Gazette numbered 29221 bis and dated 30 December 2014.
The Amendment principally sets out new and more detailed provisions applicable to insurance agencies incorporated in the form of a joint stock or limited company, and more specifically regulates (i) the branch office structuring of insurance agencies, (ii) specificities on their incorporation share capitals and (iii) the ratio of their equity capital.
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