On February 15, 2024, members of the Insurance Agencies Executive Committee convened with Davut MENTEŞ, President of the Insurance and Private Pension Regulation and Supervision Authority (SEDDK), along with his team at the SEDDK headquarters. The meeting focused on a range of pressing issues within the insurance sector.

Key topics of discussion included the implementation of the transfer endorsement for traffic policies, upcoming changes to the Traffic Quote Platform set to launch on February 19, and the commission structure for cancellations of traffic policies. Concerns were raised regarding the reluctance of insurance companies to engage in traffic insurance, as well as the direct compensation practices that have emerged.

Additionally, the committee addressed the unfair competitive environment created by the return commission practices (risturn), issues surrounding the inadequate availability of fire insurance for commercial properties, and the exclusion of insurance brokers from individual policy offerings. Discussions also highlighted the branch expansion of brokers and their distribution methods.

Challenges regarding unfair competition among insurance intermediaries, along with unresolved commission payments related to changes in health insurance portfolios, were examined. The necessity for updates to Financial Crimes Investigation Board (MASAK) limits was also emphasized, alongside concerns related to the duration of international cargo transport firms operating abroad. Finally, a call was made to strengthen the communication mechanism between the Union of Chambers and Commodity Exchanges of Turkey (TOBB-SAİK) and SEDDK.

This comprehensive discussion reflects the ongoing efforts to enhance regulatory frameworks and address competitive practices within the Turkish insurance market.
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