Completion Stage for Draft Law on Regulation and Supervision of Insurance Services – BRTK
Minister of Finance Özdemir Berova Discusses Completion of Insurance Services Draft Law with Industry Representatives
Minister of Finance Özdemir Berova recently held a meeting with officials from the TRNC Insurance and Reinsurance Companies Association and the Turkish Cypriot Insurance Agents Association to discuss the progress of the Insurance Services (Regulation and Supervision) Draft Law.
During the meeting, Minister Berova stated that the work on the draft law is at the final stages of completion. He emphasized the importance of finalizing the legislation to regulate and supervise insurance services in the country effectively.
Key representatives from the TRNC Insurance and Reinsurance Companies Association, as well as the Turkish Cypriot Insurance Agents Association, were present at the meeting. Discussions were held on the necessary amendments and improvements to the existing law to address the challenges faced in its implementation.
The Insurance Services (Regulation and Supervision) Law No. 60/2010, which came into effect on December 31, 2010, has been under review to address the issues encountered during its implementation. The new draft law aims to align with the regulations of the Republic of Turkey and the European Union to enhance the oversight and regulation of insurance services in the region.
Minister Berova expressed his commitment to collaborating with industry stakeholders to ensure the effective enforcement of the new legislation once finalized. The government is determined to create a robust regulatory framework that fosters trust and transparency in the insurance sector for the benefit of both consumers and industry players.
