On January 22, 2025, the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) published a regulation amending the “Regulation on Insurance Agencies,” introducing critical updates relevant to insurance agencies.
Key updates include:
– **Increased Capital Requirements**: The minimum paid-in capital for corporate agencies has been raised to 3,250,000 TL. Agencies wishing to open branches must meet additional capital requirements.
– **Technical Personnel Qualifications**: Technical staff are now required to undergo a renewal training every five years to maintain current professional knowledge and skills.
– **Obligations for Information Transfer**: Agencies are mandated to accurately transmit information related to insurance contracts to insurance companies.
– **Sanctions for Non-Compliance**: The SEDDK has the authority to impose sanctions, including warnings, suspension of operations, and revocation of licenses, on agencies that exhibit weakened financial conditions or act against regulations.
For more comprehensive insights regarding these regulations, please refer to our official website. Additionally, we invite those affected by these changes to participate in an online survey regarding this regulation.
For the full text of the regulation as published in the Official Gazette, visit: [Official Gazette](https://www.resmigazete.gov.tr/eskiler/2025/01/20250122-2.htm).
