TAIEX Seminar was Held with Great Success
The seminar on “EU Insurance Legislation” was held in cooperation with the Association and TAIEX (Technical Assistance Information Exchange Unit) in Istanbul on 23-24 June 2005.

During the seminar leading insurance experts of the EU made extensive and informative presentations. The Seminar was chaired by the European Commission Internal Market Principal Administrator Ulf Linder. The subjects presented in the seminar included “EU Single Market Principles Applied to the Insurance Sector”, “Turkish Legislation on Insurance”, “Financial Reporting and Accounting Rules to be Complied with By Insurance Companies”, “Insurance Statistics Used by Supervisory Authorities”, “Collection of Market Statistics Used By Insurance Companies”, “Solvency Regulations in Life and Non-Life Insurance”, “Solvency II” and “The Development of Risk Management in Europe”.

The seminar was held with the participation of the representatives of insurance companies, Undersecretariat of Treasury, universities and other related persons and entities.



The First IFRS Training for the Sector was Held on June 21-22
Considering the acceptance of compliance with the International Financial Reporting Standards (IFRS) in the Insurance Accounting Systems (with the communication on “Insurance Chart of Accounts and Prospects” which entered into force on 1 January 2005), the Association has organized an education program on the International Financial Reporting Standards (IFRS) and Insurance Financial Reporting Standards for its member companies in order to inform the sector and to eliminate differences in application.

An agreement was made with PriceWaterhouseCoopers for the IFRS traning. The IFRS training will include theoretical information regarding the standards applied to the insurance sector and the will be supported with examples. The trainings will be held for three groups and each group will be trained for two days.

The first group completed the training on June 21-22 and the second and third groups will participate in the training on July 4-5 and 7-8 respectively.



Association Representatives Participated in the CEA General Assembly
2005 CEA General Assembly was held in Paris on June 10th, 2005. The activities of the CEA committees in 2004-2005 term were examined in detail during the morning session of the meeting. The strategic plan for 2005-2006 was reviewed thereafter and the budget for 2006 was voted and accepted. The General Assembly also discussed Romania’s application for associate membership and Ukraine’s application for an observer status.

During the meeting, it was announced that the General Assembly Meeting would be held in Istanbul in 2006. Secretary General Erhan Tuncay made a speech and stated that the Association would be delighted to host such an important organization in Istanbul. It was also announced that the General Assembly Meeting for year 2007 would be held in Stockholm.

The afternoon session of the General Assembly was reserved for the conference on “A Better Management For The European Insurers to perform Their Roles within the Society”.



Association Representatives had a Meeting with the Members of OECD’s Financial Department on June 10, 2005
Association representatives met with OECD’s Financial Department team members on June 10, 2005. The parties shared their opinions on the structure, operation, vision and mission of the Association, basic indicators and size of the Turkish Insurance sector, comperative tables with OECD countries, and the drafts for the Insurance Supervision Law and Turkish Commercial Code.
Turkey’s Permanent Representative in OECD was also visited on the same day.



Representatives of the Association had a Meeting with the Representatives of the European Commission DG Internal Market on June 13-14
Representatives of the Association had a meeting with the Representatives of the European Commission DG Internal Market on June 13-14. DG Internal Market Insurance Unit was informed about the structure, members and the activities of the Association, basic indicators of the Turkish insurance sector, comparative tables with EU members, Turkish reassurance sector, latest developments on the Turkish insurance legislation and the motor vehicle liability insurance.

The presence of mergers and acquisitions in the sector, the methods of consolidation, duties of the Insurance Supervision Board, Insurance Supervision Law, motor vehicle liability insurance in Turkey, foreign direct investment and life insurances were among the issues that were discussed during the meeting.



Association Representatives Visited CEA’s Office in Brussels and Assuralia on June 15
The representatives of the Association visited the Brussels Office of CEA on June 15, 2005 and had meetings with CEA managers and experts.

During the meetings, the importance of the establishment of a closer cooperation between the two institutions was emphasized. The Association’s international memberships, its participation to CEA Committee meetings, the importance of the Turkish insurance sector as a model for Turkey’s eastern neighbors and the Turkish implementation of the motor vehicle liability insurance were among the issues that were discussed.

The representatives of the Association also paid a visit to Assuralia on the same day. The parties exchanged views regarding the insurance sectors in Belgium and Turkey and expressed their intentions for developing cooperation between the two institutions.



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