SEDDK published the new insurance regulation
SEDDK published the new regulation, which closely concerns the insurance sector, in the Official Gazette.
Insurance and Private Pension Regulation and Supervision Agency (SEDDK) published a comprehensive regulation change for the insurance sector in the Official Gazette.
Regulation Changes
Within the scope of the new regulation:
- Capital adequacy requirements of insurance companies have been updated
- Risk-based audit model has been expanded
- Consumer complaint resolution times were shortened (from 30 days to 15 days)
- Digital policy issuance standards have been determined
Capital Adequacy
With the new regulation, the minimum capital adequacy ratio of insurance companies was increased from 120% to 150%. Companies were given a 2-year transition period for compliance.
Consumer Protection
Regulations that strengthen consumer rights include facilitating the policy cancellation process and the obligation for transparent pricing.
Industry Reactions
TSB stated that the regulatory changes will contribute to strengthening the sector and increasing consumer confidence.
Sigortada Bugün'un kültür-sanat ve sektör haberleri editörü. Sigorta dünyasının insan yüzünü; etkinlikleri, ödülleri ve sektörün nabzını yakalayan haberleriyle okuyucularıyla buluşturuyor.
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