SEDDK issues new regulations for insurance governance and arbitration

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has issued new regulatory updates affecting participation insurance and motor vehicle insurance dispute processes in Turkey.

Regarding participation insurance, a new circular clarifies the roles of participation compliance units and compliance officers within advisory committee processes. The regulation introduces a standardized template for recording advisory committee decisions to ensure they are reasoned, traceable, and documented. This includes details such as meeting information, topics discussed, decisions, justifications, and any dissenting opinions. With board approval, these decisions may be shared with the public and staff to increase transparency and sector trust.

In the realm of motor vehicle insurance, SEDDK released a circular regarding applications to the Insurance Arbitration Commission for casco and mandatory traffic insurance. The regulation reinforces that claimants must first apply to the relevant insurance company. A dispute is considered to exist if the company rejects the claim or fails to provide a written response within 15 business days. Additionally, the circular clarifies that if an expert report is pending due to factors outside the insurer's control—as documented via the Insurance Information and Monitoring Center (SBM)—it will not automatically constitute a dispute for arbitration purposes.