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The Turkish Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published revised regulations governing insurance support service providers.
Under the new rules, insurance support service providers must obtain authorization from the regulator in order to operate.
The minimum share capital requirement has been set at 250 million TRY (5.3 million USD). Providers already in operation must comply with this requirement by 31 December 2030.
The minimum equity requirement will be adjusted at the beginning of each calendar year in line with the annual change in the Domestic Producer Price Index (PPI) published by the Turkish Statistical Institute.
To qualify for authorization, providers must establish their registered office in Turkey, operate as a limited liability company, maintain adequate physical, technical, operational, and administrative infrastructure, and ensure that their founders are financially sound and of good repute.
Insurance support service providers include organizations offering insurers services such as loss assessment and claims handling, emergency assistance, roadside assistance, and home or workplace assistance available 24 hours a day, seven days a week.
