Creation of an independent insurance supervisory body in Turkey

note The Insurance and Private Pension Regulation and Supervision Agency (SDDK) has been officially set up, following a presidential decree published in the Official Gazette.

The creation of an autonomous body was long demanded by all local insurance companies. Prior to SDDK's establishment, insurance companies reported to the Ministry of Treasury and Finance.

The Turkish insurance market has 62 insurance companies with total assets under management of 200 billion TRY (52 billion USD) to-date.

Read also | Creation of Turk Re, a State-owned reinsurer in Turkey

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