Governance, Risk and Compliance - The Turkish Insurance Industry

Table of Contents
1 INTRODUCTION
1.1 WHAT IS THIS REPORT ABOUT?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Civil Liability insurance for domestic and foreign aircraft flying within Turkish airspace
2.4.3 Third-party liability insurance for hazardous activities
2.4.4 Earthquake insurance for buildings
2.4.5 Liability insurance for clinical trials
2.4.6 Professional liability insurance for insurance and reinsurance brokers
2.4.7 Liability for ships with respect to oil pollution
2.4.8 Personal accident insurance for mine workers
2.4.9 Marine liability insurance for coastal pollution
2.4.10 Private security financial liability insurance
2.4.11 Carrier liability insurance for freight forwarders
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Undersecretariat of Treasury
2.5.3 Insurance Association of Turkey
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Turkey - Insurance Regulatory Framework Key Features
Table 3: Turkey - Life Insurance Regulatory Framework
Table 4: Turkey - Property Insurance Regulatory Framework
Table 5: Turkey - Motor Insurance Regulatory Framework
Table 6: Turkey - No Claims Discount Rates
Table 7: Turkey - Liability Insurance Regulatory Framework
Table 8: Turkey - Tariff Rate for Motor Third-Party Liability Insurance in 2019
Table 9: Turkey - Motor Third-Party Liability Minimum Cover Limits
Table 10: Turkey - Motor Third-Party Liability Minimum Cover Limits
Table 11: Turkey - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 12: Turkey - Tariff Rates Based on Earthquake Zones and Building Type
Table 13: Turkey - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 14: Turkey - Variable Capital requirements for Insurance Classes

List of Figures
Figure 1: Turkey - Insurance Supervision and Control at Various Levels
Figure 2: Turkey - Insurance Regulatory Frameworks for Company Registration and Operation