SEDDK Grants Prowall Global a Full Brokerage Licence

The SEDDK Board decided, under its decision dated 9 October 2024 and numbered 780, to grant Prowall Global Sigorta ve Reasürans Brokerliği AŞ a licence in life, non-life insurance and reinsurance brokerage.

According to the decision published on the regulator's official site, the licence was granted following a review carried out under Article 21 of Insurance Law No. 5684 and Articles 4 to 13 of the Insurance and Reinsurance Brokers Regulation. The company thereby gained authority to operate as a broker in all three licence areas.

How is a brokerage licence obtained?

Operating as an insurance or reinsurance broker in Türkiye requires a licence from SEDDK. Article 21 of Law No. 5684 regulates brokerage; the Insurance and Reinsurance Brokers Regulation sets out in detail the requirements for incorporation, capital, and the qualifications required of shareholders and managers, as well as the application process. The board reviews the application within this framework before deciding on the licence, and decisions are announced on the institution's website.

Licences are granted separately by line group: life insurance brokerage, non-life insurance brokerage and reinsurance brokerage. The licence granted to Prowall Global covers all three areas.

The difference between a broker and an agency

A broker represents the policyholder, not the insurance company; on behalf of its client, it assesses offers available in the market and acts as an intermediary to find the most suitable cover. An agency, by contrast, issues policies on behalf of the insurance company it is contractually tied to. Because of this distinction, brokerage, especially for corporate risks and reinsurance placements, is regulated as a separate area of expertise subject to its own licensing regime.