Turkish Insurance Law No: 5684 was published by the Association in Turkish and English

Turkish Insurance Law No: 5684 (published in the Turkish Official Gazette No: 26552, on 14 June 2007) was published by the Association both in Turkish and English. Both versions will be disseminated to Turkish insurance companies, public authorities, insurance associations and federations, international organizations and all related parties, in October 2007.  
 

Consolidated balance sheet and technical results of the Turkish insurance sector for June 2007 were uploaded to the Association’s website

Consolidated balance sheet and technical results of the Turkish insurance sector for June 2007 were uploaded to the Association’s website. The results are available under the title “Statistics” on the Association’s English website: /tsrsb_eng/
 

2006 Annual Report of the Association was uploaded to the Association’s website

2006 Annual Report of the Association was uploaded to the Association’s website. The Annual Report is available on the Association’s English website:

/tsrsb_eng/Publications/Annual+Reports
 

The Association had a meeting with the European Commission DG Internal Market and Services

On 10 September 2007, the Association had a meeting with Mr. Alan Beverly at the Insurance and Pensions Unit of the European Commission DG Internal Market and Services.

During the meeting, the Association, its structure and functioning mechanism, the Turkish insurance sector, its main indicators and the developments in the EU harmonization process were introduced by a thorough powerpoint presentation. During the presentation, the Association also provided information on the regulatory developments with due emphasis on the new Insurance Law.

The meeting took place before the publication of Turkey’s 2007 Progress Report by the European Commission in November 2007 and detailed information has been given concerning the Turkish insurance market and its harmonization with the EU single insurance market.
 

The Association had a meeting with the CEA Secretary General

On 10 September 2007, the Secretary General of the Association, Mr. Erhan Tuncay and EU Specialist Ms. Berna Ozsar had a meeting with the CEA Secretary General, Ms. Michaela Koller and Head of Public Affairs, Ms. Gabriela Diezhandino. During the meeting, CEA-TSRSB relations, CEA committee works, institutional developments, the Turkish insurance sector and its EU harmonization process were discussed. During the meeting, views were also exchanged on possible partnerships in the future.
 

The Association participated to the CEA Ecofin meeting

The Association participated to the CEA ECOFIN Meeting on 24 September 2007. During the meeting, developments about the Solvency II Project and IFRS 4 Phase 2 were discussed in detail.

CEA’s official views concerning the Solvency II Draft Directive were finalized during the meeting and three working groups were established to work on the technical rules to be determined by the European Commission for the implementation of the Directive.

The Association was represented by Mr. Onur Acar, Specialist on Financial and Fiscal Affairs.
 

The Association participated to the Seminar on “Regulatory Impact Analysis (RIA) as a Tool for Turkey’s EU Accession Negotiations” held by the Economic Development Foundation

On 27-28 September 2007, the Association participated to the Seminar on “Regulatory Impact Analysis (RIA) as a Tool for Turkey’s EU Accession Negotiations” held by the Economic Development Foundation of Turkey, in cooperation with Jacobs&Associates, an international consulting firm. The Association was represented by Ms. Berna Ozsar, EU Specialist.

The seminar introduced participants to the key concepts of Regulatory Impact Analysis (RIA) and specifically to its potential uses in the EU Accession negotiations.

Many developed and developing countries have used RIA and its associated techniques to improve the regulatory environment for their businesses. RIA can improve the quality of laws and regulations by bringing new ideas, perspectives and data to the attention of regulators and rule-makers; helping to balance opposing interests; identifying unintended effects and practical problems, and providing a quality check on the assessment of costs and benefits for businesses and society. 
 

The Association applied for TAIEX assistance on reinsurance and insurance groups (supplementary supervision) in its harmonization process with the EU single insurance market

The Association made a project application to the TAIEX Office (Technical Assistance Information Exchange Unit) of the EU Commission DG Enlargement for technical assistance on reinsurance and insurance groups (supplementary supervision).

Reinsurance and insurance groups are two issues underlined in the EU Commission’s 2006 Regular Report on Turkey where harmonization is limited due to a lack of specific legislation governing these fields.

If the application is accepted, the project will take place in early 2008.

The Association had previously held a two day seminar on “EU Insurance Legislation” on 23-24 June 2005, with TAIEX assistance.