IFRS 4 related to the “Insurance Contracts” within the Scope of the “Project for the Implementation of International Financial Reporting Standards in the Insurance Sector” was Evaluated

The working group, which is established within the Association to perform preliminary works on the implementation of International Financial Reporting Standards in the insurance sector and to provide opinion and recommendations for each standard to the Undersecretariat of Treasury for the issuance of relevant communiqués about each standard, has been continuing its working group meetings.

Within this context, in the meeting of the above-mentioned working group held on 11 November 2005, IFRS 4 on insurance contracts was taken into consideration for the first time.

Other reporting standards taken into consideration in other meetings held on 1 November 2005 and 18 October 2005 are as follows:

- IFRS 1 (First-time Adoption of International Financial Reporting Standards)
- IAS 1 (Presentation of Financial Statements)
- IAS 8 (Accounting Policies, Changes in Accounting Estimates, and Errors )
- IAS 33 (Earnings Per Share)
- IAS 10 (Events After the Balance Sheet Date)
- IAS 12 (Income Taxes)
- IAS 14 (Segment reporting)
- IAS 18 (Revenue)
 

The Association was Represented for the First Time in the Special Expertise Commissions established within the Scope of the Ninth Development Plan

The Association participated for the first time in the meetings of Special Expertise Commissions created under the scope of Ninth Development Plan. The participation of the Association to Special Expertise Commissions is considered to be a significant opportunity for the insurance sector, which is taking an important role in the vision to be created for the development of the Turkish economy. In this process, the Association will share its information accumulation and experience with other participants before the Commission.
 

The Association has held the third of the Insurance Training Seminars at Anadolu University Bozuyuk Vocational School

In the process of the Turkish insurance sector's harmonization with the European Union and for the  promotion of the underwriting profession, the Association, within the scope of the training activities which it has performed to increase the insurance awareness in public, continues to arrange training seminars. The seminars were launched in May 2005 in insurance vocational schools and colleges providing insurance training.

Within this scope, the first seminar was held on 11 May 2005 in Sapanca Vocational School of Sakarya University, the second was held on 28 October 2005 in Suruc Vocational School of Harran University, the third was held on 29 November 2005 in Bozuyuk Vocational School of Anadolu University.

In the seminar, the presentations titled “Institutions of Turkish Insurance Sector and TSRSB”, “Structure and Evaluation of Turkish Insurance Sector”, “Natural Disaster Insurance Agency (DASK)” and “Individual Pension System” were presented. Besides, prior to the seminar, the participant students were provided with booklets prepared by the Association, where all the presentations to be held in the seminar were included.
 

Insurance Statistics Workshop was held on 25 – 26 November 2005

The Insurance Statistics Workshop, which is believed to yield essential benefits in terms of planning the studies required to be executed for the purpose of determining the statistical needs of the sector and planning the works required for meeting this need, was held in the meeting hall of the Association on 25-26 November 2005.

The Workshop will provide the insurance sector with long term and permanent benefits.

The “workshop” section of the event was held on 26 November 2005 in 3 sub-groups, each comprised of 10 – 12 participants in order to complete the works in a more effective and efficient manner to ensure the desired outputs. Following sub-branches are created for the works performed on the second day of the Workshop.

• Life
• Automobile - Accident
• Branches Other Than Accident

On the other hand, a workshop report will be published with the assistance of outputs to be derived as a result of group studies performed.
 

The Association Will Organize an International Symposium in Cooperation with the World Bank on 8-9 December 2005

The Association holds an international symposium in Istanbul on 8 – 9 December 2005 in cooperation with the World Bank, titled “Global Conference on Insurance and Reinsurance for Natural Catastrophe Risk”.

The symposium will gather local and foreign insurers, reinsurers, reinsurance brokers, national disaster funds managers, regulatory agencies of the insurance sector and other experts, with the participation of numerous speakers from China, Japon, Indonesia, Philippines, India, Spain, Switzerland, Germany and Turkey who will share information and experiences developed for financing the natural catastrophe risks in their countries and to provide simple insurance products for the house owners.

Click here for details…
 

The Association has published the books of the seminar titled “European Union Insurance Regulations and its Implementations” which is held in collaboration with TAIEX, in Turkish and English

The book of the seminar, which was held under the title “European Union Insurance Legislation and its Implementation” in Istanbul on 23 – 24 June 2005, with the cooperation of the Association and TAIEX (Technical Assistance Information Exchange Unit), within the scope of the project which was accepted upon the application of the Association to TAIEX was published in Turkish and English.

The books will be delivered to all sector representatives who participated, the speakers and other contacts of the Association. The books compile the powerpoint presentations on issues which are believed to cause problems for the Turkish insurance sector during the harmonization period to the EU, such as financial reports, accounting plans, statistics, solvency.
 

Communiqué on Amendment of Titles of Some Insurance Branches was published in the Official Journal

The communiqué on amendment of names of some insurance branches was published in the Official Journal in order to enter into force from 1.1.2006. Within this scope, names of Hail branch and Animal Death Branch were changed as “Agriculture Insurances Branch”, and name of machinery – mounting branch was changed as “Engineering Insurance Branch”.
 

Ordinance on Financial Liability Insurance to be taken by Civil Aviation Vehicles was published in the Official Journal

The Ordinance on financial liability insurance to be taken by civil aviation vehicles was published in the Official Journal. The “Ordinance on Third Party Financial Liability Insurance Required to be Taken by Turkish and Foreign Civil Aviation Vehicles Flying in Turkish Air Field” was published in the Official Journal dated 15 November 2005 with No. 25994, and it will enter into force on 1.1.2006.
 

Official establishment procedures of Tarsim Co. has been completed

The official establishment processes of Agriculture Insurances Pool Society Co. (TARSIM), which is founded to execute the works and processes relating to the operation of the Pool to be establish pursuant to the Agriculture Insurances Law No. 5363 have been completed and the company was registered in the trade registry.