ARCHIVE NEWS
SEDDK Cancels Arex Sigorta's Surety Insurance Licence
SEDDK cancelled Arex Sigorta's surety insurance licence and temporarily suspended its authority to write new business in other lines.
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SEDDK made an important decision regarding Arex Sigorta A.Ş., cancelling the company's licence in the surety (kefalet) line of business. The regulator said Arex Sigorta had engaged in poor management and transactions contrary to insurance and financial legislation.
In addition, the company's authority to conclude new insurance contracts and renewals in all other lines was temporarily suspended until the required conditions are met. The developments show that sector oversight and regulation are being applied rigorously.