The distribution of the 2007 Annual Report of the Association has started 

The 2007 Annual Report of the Association was published both in Turkish and English versions. The Report, prepared also in CD-ROM format is being distributed to member companies, national associations and related institutions.

The Report provides information about the main socioeconomic indicators of Turkey for 2007, the global insurance industry, European Union insurance industry, the Turkish insurance industry, investments of the insurance and reinsurance companies, sector’s problems and proposals, statistical information and the names and addresses of the insurance and reinsurance companies in Turkey.
 

The Association held a meeting with the officials of the World Bank

On 1 July 2008, the Association held a meeting with the World Bank officials headed by Sten Byskov, Head of Public and Private Sector Policy Unit of the World Bank.

During the meeting, Mr. Erhan Tunçay, Secretary General of the Association provided the World Bank officials with information about Turkish economy, latest developments in the Turkish insurance sector and the new Turkish Insurance Law. Following the briefing, Mr. Erdinç Yurtseven, Deputy Secretary General of the Association made a presentation on capital requirements in Turkey and its comparison with Solvency II.
 

The Association held a seminar on “Prevention of Money Laundering”

On 7 July 2008, a seminar on “Prevention of Money Laundering” was held at the Association. During the seminar, officials from the Financial Crimes Investigation Board (MASAK) made presentations on the prevention of money laundering and the financing of terrorism.

During the seminar, Mr. Oktay Üstün, the Head of Department provided information on the history of the prevention of money laundering and recommendations of the Financial Action Task Force (FATF). Following the first part, Mr. Hasan Karaal, MASAK Specialist, made a presentation on the obligations of insurance companies such as identity detection, suspicious transaction reporting, preservation and education within the context of combating laudering. Mr. Çağatay Usluoğlu, MASAK Specialist, also talked about a draft regulation on the formation of a compliance program by the obliged parties. 
 

The Association held a meeting with the officials of the Undersecretariat of Treasury

On 30 July 2008, the Association held a meeting with the officials of the Undersecretariat of Treasury in Ankara. During the meeting, issues relating to technical reserves were discussed in detail.

At the meeting, the method used in the calculation of outstanding claims reserve was examined and the formation of a working group composed of actuaries to revise the calculation method of the actuarial chain ladder was decided.

During the meeting, unclear issues regarding the calculation of unexpired risk reserve were also on the agenda. The parties also mentioned issues regarding the incorporation of unexpired risk reserve, bonus and rebate reserves into the 2008 opening balance sheet following the implementation of IFRS in 2008.
 

Regulation on the Principles of Independent Insurance Supervision is published

Regulation on the Principles of Independent Insurance Supervision is published on 12 July 2008 in the Turkish Official Gazette No: 26934. 
                                  

Regulation on the Working Procedures of the Association of the Insurance and Reinsurance Companies of Turkey is published

Regulation on the Working Procedures of the Association of the Insurance and Reinsurance Companies of Turkey is published on 1 July 2008 in the Turkish Official Gazette No: 26923. 
 

Regulation on Transfers from Associations, Charities and Other Institutions to the Private Pension System and Annuities is published

Regulation on Transfers from Associations, Charities and Other Institutions to the Private Pension System and Annuities is published on 19 July 2008 in the Turkish Official Gazette No: 26941. The Regulation is expected to enter into force on 9 August 2008.
 

Regulation on the Amendment of the Regulation on the Fiscal Structures of the Insurance, Reinsurance and Pension Companies is published

Regulation on the Amendment of the Regulation on the Fiscal Structures of the Insurance, Reinsurance and Pension Companies is published on 9 July 2008 in the Turkish Official Gazette No: 26931. The Regulation is expected to enter into force on 31 December 2009.