Page 9 - Turkinsurance Digital Magazine
P. 9

7















     3rd grade as well as commercial taxis, minibuses, coaches, trucks  authority to increase or decrease those rates by 20 points.
     and tow trucks in the 4th, 5th, 6th and 7th grades are included in
     the scope of traffic insurance pool. Premiums and losses accumulat-  Principles of participation (takaful) insurance deter-
     ing in the pool will be distributed among insurance companies based   mined
     on a two-phase calculation. 50 percent of premiums and losses paid
     will be distributed equally among the companies, while the remain-  The purpose of the Regulation on the Procedures and Principles
     ing 50 percent will be calculated based on their share from traffic   of the Participation Insurance, which was issued on 20 September
     insurance premiums received in the last three years.
                                                              2017, was to ensure the functioning, development, healthy monitor-
                                                              ing, and reliability of the system as well as guarding the rights and
     E-application in insurance                               benefits of the participants. Companies to engage in participation
                                                              insurance activities will invest the accumulations of participants in
                                                              interest-free financial tools. Insurance companies in this system will
     On 19 July 2017, Undersecretariat of Treasury issued the Circular   operate in proxy, mudarebe (share of profits based on labor-capi-
     on the E-Application System in Insurance. With this circular, insur-  tal partnership) models, hybrid model of the two, or another model
     ers are obliged to respond to all manner of information requests re-  to be approved by the audit committee. Insurance companies will
     garding the contract which were conveyed as insurance complaints   administer the risk fund consisting of participant contributions and
     by the policyholder or their beneficiaries via written or electronic   funds of shareholders and members separately. They will administer
     communication tools – including the payments to be done in accord-  a “participant investment fund” that includes the premium payments
     ance with the contract – within 15 business days after receiving the   of participants made with saving purposes and the revenue generat-
     request. Therefore, in order to fulfill their obligations arising from   ed from those payments via the tools of participation finance. Ac-
     this regulation, the insurer must establish a complaint team of at   cording to the conditions set forth in the Insurance Law, insurance
     least 2 people to work for evaluating and resolving the complaints   companies will be able to employ the ‘window model’ which means
     and information requests, and share the logs, records and statistics   they can offer participation insurance products to their customers
     of all complaints with the Undersecretariat on a quarterly basis. In   without founding a separate company. Operations of such compa-
     this context, insurance and pension companies and other institutions   nies will be limited to 3 years after the regulation comes into force.
     conducting insurance related activities will be receiving applications   Price cap system continues
     and complaints and responding them via E-devlet platform.
                                                              The Circular on the Premiums of Motor Vehicles Compulsory Third
     Price cap increase                                       Party  Liability  Insurance  for  2018  was  issued  on  25  December
                                                              2017. This latest circular of 2017 stipulates that the price cap lim-
     On  1  September  2017,  another  circular  was  issued  to  make  an  itation will continue to be applied between 1 January 2018 and 31
     amendment  to  the  Circular  on  the  Premiums  of  Motor  Vehicles  December 2018. Moreover, maximum premium amounts from De-
     Compulsory Third Party Liability Insurance. The new circular stip-  cember 2017 will be increased by 5 percent with the beginning of
     ulated that the maximum premium amounts would be increased by  2018.
     1.5 percent on a monthly basis.

     Pool model for the medical liability insurance

     According to the Sectoral Announcement Regarding the Compul-
     sory Medical Malpractice Liability Insurance, which was issued on
     6 September 2017, principles for sharing the premiums and losses
     were determined in order to prevent problems about companies not
     drawing policies for compulsory medical malpractice liability insur-
     ance. The regulators decided that Güneş Sigorta would conduct the
     transactions for premium and loss sharing as a company licensed in
     the general liability branch. In accordance with this arrangement
     that provided coverage for policies issued before 1 July 2017, an
     audit  committee  shall  be  established  consisting  of  3  representa-
     tives from Undersecretariat of Treasury, Insurance Association of
     Turkey, and Güneş Sigorta. 50 percent of the premiums and losses
     paid will be distributed equally to companies in the pool; while the
     remaining 50 percent will be distributed based on the share they
     received from the premiums of compulsory medical malpractice li-
     ability insurance in the last 3 years. Undersecretariat will hold the
                                                                             Zeynep Tütüncü / zeynept@bestyayincilik.com
   4   5   6   7   8   9   10   11   12   13   14