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Undersecretariat of Treasury General Directorate of Insurance

TURKISH MODEL IN GENERAL Dr. Ahmet GENÇ Director General of Insurance. Undersecretariat of Treasury General Directorate of Insurance. Insurance Summit İstanbul 23-24 May 2011. 1. Main References of The Model. International standards (IAIS ICP’s etc.) EU Directives Turkish Market Needs

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Undersecretariat of Treasury General Directorate of Insurance

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  1. TURKISH MODEL IN GENERAL Dr. Ahmet GENÇ Director General of Insurance Undersecretariat of Treasury General Directorate of Insurance Insurance Summit İstanbul 23-24 May 2011

  2. 1. Main References of The Model • International standards (IAIS ICP’s etc.) • EU Directives • Turkish Market Needs • Lessons From The 2001 Crises • Lessons From The New Implementations

  3. Supervisory Authority (Undersecretariat of Treasury, General Directorate of Insurance&Insurance Supervisory Board) • Insurance Companies • Reinsurance Companies • Pension Companies • Intermediaries (Brokers, Agents) • Loss Adjusters • Pool Organizations • Associations • People • Other Public Authorities (Ministry of Health etc.) 2. Main Actors of The Model

  4. Close Monitoring of The Company Activities • Being Capable of The Analysis of Each Companies Financial Situation Timely • Being Capable of Early Warning of The Financial Weaknesses • Being Capable of Analysing the Loss Ratios, Technical Profits etc. Branchwise • IT Based Management of Loss Payments Prosedure • IT Based Monitoring of Intermediaries • IT Based Monitoring of Loss Adjusters • Consumer Information/Protection • Leaving The Market Without Causing Big Turbulances 3. Main Benefits of The Model

  5. For All Market Players 4. The Model Containig What? Accession to The Market Operation in The Market Going out of The Market

  6. Licencing/ Registering 5. Summary of The Model I • Evaluation of The Treasury • Insurance Agents Database • (TOBB SAIK) • Insurance Loss Adjusters • Database (TOBB SEIK) • Insurance Brokers • Database (Brokers • Association)

  7. Monitoring of The Operations 6. Summary of The Model II • Brokers • Loss Adjusters • Agents IT • System • Insurance Monitoring • System (SGS)-Treasury • Insurance Information • Center (SBM) • Pension Monitoring • Center (EGM) • TCIP (DASK) IT • System • Agricultural Insurance • Pool (TARSİM) IT • System

  8. Going Out of The Market 7. Summary of The Model III • Special Rules • Changing the Managers/ • Directors • - Merging, portfolio transfer • Permanent Prohibiting • of operations/ Taking back • of the licence

  9. Consumer Protection 8. Summary of The Model IV • Guarantee Fund (GH) • Guarantee System /Deposit • System • Insurance Arbitration • Commission

  10. Other Components of The Model 9. Summary of The Model V • Associations • Insurance Education Center • (SEGEM)

  11. THANK YOU

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