SEDDK Suspends Magdeburger Sigorta's Policy-Writing Authority

SEDDK (Türkiye's insurance and pension regulator) temporarily suspended Magdeburger Sigorta A.Ş.'s authority to issue new insurance policies and renew existing policies in all lines of business. The decision was taken under SEDDK board decision no. 1693 of 15 April 2026 and took effect on 16 April 2026.

The regulator announced the decision to the public the same day through a press release. According to the announcement, the company had been under close monitoring for some time under the relevant legislation, and graduated measures had been applied over its financial position.

After these measures failed to produce results — that is, the company failed to resolve its financial weakness — it was decided to suspend new policy production and renewals until the capital adequacy conditions were fully met. The suspension covered all lines of business in which the company operated.

Existing policies and claim payments

The announcement said that the necessary measures had been taken to ensure that obligations arising from policies the company had previously issued, above all claim payments, would be met. With this statement, the regulator said the rights of existing policyholders would be protected.

The removal of the authority to issue and renew policies directly concerned the agencies working with the company; for the duration of the measure, no new business or renewals could be produced through this company.

The regulator said it was continuing its oversight and supervisory activities with determination in order to protect the rights and interests of policyholders and to ensure the reliable, stable and effective functioning of the sector.