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The Aim of the Undersecretariat of Treasury Related to Insurance and Private Pension Activities

The Undersecretariat of Treasury seeks to safeguard development and stability of Insurance Sector and Private Pension System in Turkey to create effective, fair, reliable and stable sectors for the benefit and protection of policyholders and participants. To enable these purposes, the Undersecretariat operates to ensure:

  • that real and legal persons in insurance and private pension sectors operate in accordance with the legislation and professional guidelines and
  • to fulfill their obligations timely and completely against the beneficiaries and
  • to have a strong and robust financial structure at a level that enables them to meet their liabilities.

 

Insurance Supervision Board performs the following main functions as described in the regulation;

  • To carry out duties expressed by the Law No: 4059 on the Structure and Duties of the Treasury Undersecretariat, the Insurance Law No: 5684, the Private Pension System Law No: 4632, the Land Traffic Law No: 2918, the Civilian Aviation Law No: 2920, the Agricultural Insurance Law No: 5363, the Disaster Insurance Law No: 6305 and other legislations,
  • To prepare and implement insurance and private pension legislation,
  • To regulate the entrance and exit activities of real persons and legal entities which are operating or will operate in the insurance and private pension sector and to conclude approval, licensing, liquidation, mergers and acquisitions of them,
  • To conduct on-site supervisions on operations of real persons and legal entities in the insurance and private pension sector and conduct inspection and investigation activities on them,
  • To take necessary measures to protect policyholders and for the development of the insurance sector in Turkey, to implement the measures taken and monitor their implementation,
  • To prepare consolidated reports on insurance and private pension sector,
  • To evaluate and conclude notices and complaints related to insurance and private pension activities.

 

General Directorate of Insurance performs the following main functions as described in the regulation;

  • To carry out the duties prescribed by the Insurance Law No: 5684, and the insurance-related provisions of the Turkish Commercial Code  No: 6102, the Land Traffic Law No: 2918, the Civilian Aviation Law No: 2920 and other law, and by the supplements and amendments thereto,
  • To draft, implement, and monitor the implementation of insurance legislation; to conduct the work of harmonizing such legislation with the European Union Acquis
  • To take necessary measures for  the development of local insurance sector, and for the protection of insureds
  • To fulfill tasks, which are  assigned to the Undersecretariat of Treausary, by the Private Pension System Law No: 4632
  • To prepare, implement and monitor regulations on market entry and exit, and market activities of insurance, reinsurance and pension companies, insurance intermediaries, loss adjusters, actuaries and other related real and legal persons
  • To  conclude on on-site  audit reports  prepared about  real and legal persons in the insurance sector
  • To carry out the necessary activities for an effective functioning private pension system in Turkey
  • To  perform actuarial supervision of associations, foundations, provident funds and  similar organizations which provide benefits for retirement
  • To  ensure the proper implemantation of compulsory earthquake insurance  scheme
  • To  ensure the proper implemantation of state supported agricultural insurance scheme in collaboration with the Turkish Ministry of Food, Agriculture and Livestock
  • To prepare general conditions, tarrifs and instructions related to insurance
  • To assess and conclude on the complaints and demands recieved from insureds