Turkey Insurance Industry – Governance, Risk and Compliance
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Turkey Insurance Industry Regulation Overview
The insurance industry in Turkey is regulated by the Insurance and Private Pension Regulation and Supervision Institution. The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the Insurance Association of Turkey (Türkiye Sigorta Reasürans ve Emeklilik Şirketleri Birliği – TSB).
The Turkey Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types, including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Insurance and Private Pension Regulation and Supervision Institution (Sigortacılık ve Ozel Emeklilik Duzenleme ve Denetleme Kurumu — SEDDK)
· International Association of Insurance Supervisors (IAIS) · Insurance Association of Turkey (Türkiye Sigorta Reasürans ve Emeklilik Şirketleri Birliği – TSB) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Aviation Liability Insurance · Social Security Insurance · Professional Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Turkey Insurance Industry – Key Regulators and Legislation
Insurance and Private Pension Regulation and Supervision Institution: The SEDDK’s key responsibilities are to prepare and implement the legislation on insurance and private pensions and to monitor its implementation by the relevant parties. The body also takes measures for the development of national insurance and private pension practices and investigates and supervises work related to individuals and organizations operating in the insurance and private pension field.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Turkey Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Turkey insurance industry are:
- Motor third-party Liability Insurance
- Aviation Liability Insurance
- Social Security Insurance
- Professional Liability insurance
Turkey Insurance Industry Analysis by Compulsory Insurances
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Turkey Insurance Industry - Company Registration and Operation
Insurers are required to obtain a license to operate in the country. Article 5 of Insurance Law 2007 states that insurers and reinsurers intending to commence business in Turkey are required to obtain a license from the Undersecretariat of the Treasury. The law also mandates intermediaries to first obtain a license from the Undersecretariat of Treasury to do insurance business.
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Turkey Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Turkey. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: The corporate income tax applies to both domestic and foreign legal entities. A resident company is liable to pay corporate tax on its global income while a non-resident company is liable to pay corporate tax only on income earned within Turkey. The CIT includes all profits derived from the earning of income. However, there is some participation exemption, which includes dividend income derived from resident and non-resident companies. These dividend incomes are fully exempted from corporate tax.
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Scope
This report provides:
- Details of the insurance regulatory framework in Turkey.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The IRSA regulates the Turkish insurance industry.
- The Turkish insurance industry allows 100% foreign direct investment.
- The provisions of the Insurance Law 2007 regulate the life and non-life insurance businesses in Turkey.
- Motor third-party liability insurance, liability insurance of a carrier to the passenger of the aircraft, and third-party liability insurance for hazardous activities are the key compulsory classes of insurance.
- Non-admitted insurance is not permitted in Turkey with a few exceptions.
Reasons to Buy
- Get insights into the insurance regulatory framework in Turkey.
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Turkey insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Turkey insurance industry?
The Insurance and Private Pension Regulation and Supervision Institution is the key regulator of the Turkey insurance industry.
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Which are the other bodies that oversee operations in the Turkey insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Insurance Association of Turkey (Türkiye Sigorta Reasürans ve Emeklilik Şirketleri Birliği – TSB) among others oversee the Turkey insurance industry.
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Which are the compulsory insurances required within the Turkey insurance industry?
Some of the compulsory insurances required within the Turkey insurance industry are motor third-party liability insurance, aviation liability insurance, professional liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Turkey insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Turkey. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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