New minimum capital requirements for Turkish insurers and reinsurers

capital minimum augmentationOn 30 November 2021, the Turkish supervisory authority (SEDDK) issued a circular defining the new minimum capital requirements for insurance and reinsurance companies.

Companies are now required to have the following minimum share capital:

  • 175.562 million TRY (12.82 million USD) instead of 120 million TRY (8.76 million USD) for non-life companies
  • 215.067 million TRY (15.7 million USD) instead of 147 million TRY (10.7 million USD) for life insurers
  • 124.358 million TRY (9.08 million USD) instead of 85 million TRY (6.2 million USD) for reinsurers
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