The Association held a meeting on Agricultural Insurance Law
The Association organized a meeting on 19.7.2005 to plan the works to be conducted about the Agricultural Insurance Act published in the Official Journal on 20.06.2005 and also to take decisions concerning the establishment of the company. 15 insurance companies having license in agricultural insurance and the authorities of the Agricultural Insurance Foundation participated in the meeting.

The forecast budget of the company, its capital needs and its initial amount of payment, partnership to this joint stock company and due date of the decision of the Board on this issue, giving a power of attorney to a law office on the procedures concerning the operations for the establishment of that company and determining its interim members of the Board and auditors were among the issues discussed in the meeting.



The Association cooperates with the Ministry of National Education on SVET Project
The Association continues to cooperate with the Ministry of National Education on “Strengthening the Vocational Education and Training System in Turkey” (SVET).

SVET is a five-year project resulting from an agreement signed between the European Commission and the Government of Turkey and has a total budget of € 58.2M. The project aims at strengthening Turkey’s vocational education and training system. The project staff conducts workshops, studies, interviews and meetings in a determined effort to gather and understand as much relevant information as possible. “Inquiry Forms” prepared by SVET authorities with the aim of determining the professional qualifications in the insurance sector are sent by the Association to its member companies to be filled out. The forms are then delivered by the Association to SVET Istanbul Regional Office.

The Association prepared a 30 page booklet on insurance to contribute to the preparations of an informative book for 9th class students informing them about the fields they would elect in 10th class. The booklet on insurance contains subjects like the definition, short history, structure and general characteristics of insurance, insurance industry and its employment opportunities in Turkey and in the World.

The preparations of the syllabus for 10th, 11th and 12th classes will begin in September with the participation of the Association.



The Association Begins a Project on the Use of IFRS in the Insurance Sector
Following the realization of compliance with the International Financial Reporting Standards (IFRS) in the Insurance Accounting Systems on 1.1.2005, a working group is established by the Association to provide views and suggestions on Financial Reporting Standards on Insurance. To get technical assistance, the Association has made a business agreement with a leading accounting and consulting firm.

The working group, which is composed of the representatives of the Association, its member companies, General Directorate of Insurance and Insurance Supervisory Board will convene periodically and complete its tasks on all the standards in 100 days.

The first meeting of the working group will be held on August 4, 2005.



The Association participated in the OECD Insurance and Private Pensions Committee Meeting in Paris on June 30-July 1, 2005
The Association participated in the 75th OECD Insurance and Private Pensions Committee Meeting in Paris on June 30-July 1, 2005. “International Network on Financial Management of Large-scale Catastrophes”, “Swiss Re’s Risk Management For Natural Catastrophes”, “Catastrophes and Insurance Sector Stock Market Performance”, “Exchange of Information on Reinsurers”, “Insurance Coverage of Medical Malpractice in OECD Countries”, “Insured Occupational Pension Plans”, “Longevity and Ageing”, “Money Laundering Vulnerabilities in the Insurance Sector”, “Insurers’ Governance” and “Financial Education” were among the issues that were discussed during the meetings.

OECD member countries, Russia, IAA (International Actuarial Association), CEA (Comité Européen des Assurances), IAIS (International Association of Insurance Supervisors), ICMIF (International Co-operative and Mutual Insurance Federation), WFII (World Federation of Insurance Intermediaries) were among the participants of the meeting.

The Association has informed its member companies about the issues that were on the agenda of the meeting.



The presentations of the TAIEX seminar on “EU Insurance Legislation” are now available on the website of the Association
The presentations of the seminar on “EU Insurance Legislation” held in cooperation with the Association and TAIEX (Technical Assistance Information Exchange Unit) in Istanbul on 23-24 June 2005 are now available on the website of the Association.

The seminar was chaired by Mr. Ulf Linder, who is the Principal Administrator of the Insurance Unit of the European Commission DG Internal Market. The issues that were discussed in the seminar were EU Single Market principles applied to the insurance sector, financial reports and accountancy rules, insurance statistics, EU rules concerning solvency in the field of life and non-life insurance and the Solvency II Project.

Please find the presentations of the speakers on the website of the Association...



The Association published a comprehensive “EU Guide on Insurance Legislation”
In the process of harmonization with the EU Acquis Communautaire, the Association published a comprehensive “EU Guide on Insurance Legislation” for the use of the Turkish insurance sector.

The “EU Guide on Insurance Legislation” enshrines chapters on the creation of a Single Insurance Market in the EU, summaries of EU Acquis Communautaire on Insurance, infringements of the Acquis by Member States, EU Enlargement 2004 and Insurance.

Please find the EU Guide on Insurance Legislation on the website of the Association...



IFRS Trainings for the Companies have been completed
Following the realization of compliance with the International Financial Reporting Standards (IFRS) in the Insurance Accounting Systems on 1.1.2005, the Association has conducted a training programme on IFRS and Insurance Financial Reporting Standards. The two-day programme aimed at informing the sector about the new developments and to eliminate differences in application.

The first group of participants completed the training on June 21-22, the second group on July 4-5 and the third one on July 7-8.

Following the completion of the training, the Association has conducted a survey and participants were questioned on the qualifications and skills of instructors, the content of the training programme, its conformity with the insurance sector and the future probable training programmes to be organized by the Association. 96% of the participants said that the instructors were qualified enough and 65% said the subject was analyzed in conformity with the insurance sector.


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