DASK insurance policy transfer rules to change in Turkey

New regulations issued by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) will change how compulsory earthquake insurance (DASK) policies are handled during property sales. Effective September 5, the practice of transferring an existing DASK policy from a seller to a new homeowner will end.

Under the new system, when a property is sold, the previous owner's policy will terminate upon the date of registration at the land registry, provided the owner applies for cancellation through their insurance company or agent. Sellers are entitled to a refund of the premiums paid for the unused days of the policy, though they must manually request this refund from their provider.

For buyers, the land registry will check for a valid DASK policy held in their own name during the transaction. In cases where ownership changes through means other than a sale, the existing policy will remain active, but the new owner must notify the insurance provider within 15 days to update the policy details.

Balkır Demirkan, General Secretary of DASK, noted that citizens should contact their insurance companies or agents to process premium refunds based on the remaining duration of the policy from the date of the land registry transaction.