Insurance Laws Discussed by Budget and Finance Committee – BRTK
Legislative Developments in TRNC: Focus on Insurance Services Regulation
Today at 10:00 AM, the Republican Assembly’s Economy, Finance, Budget, and Planning Committee convened under the leadership of UBP Deputy Official Eroğlu Canaltay. The primary agenda centered on revising key legislative frameworks related to the insurance sector.
The Committee engaged in discussions regarding the combined articles from two significant draft laws: the "Insurance Services (Regulation and Audit) (Amendment) Draft Law (YT No: 230/3/2024)" and the "Insurance Services (Regulation and Inspection) (Amendment) Draft (YT: 287/4/2025)." The members agreed to continue deliberating these essential reforms at their next meeting, indicating a commitment to enhancing regulatory oversight in the insurance industry.
Notable attendees included Deputy Chairman CTP Deputy Erkut Şahali, along with Committee Members UBP Deputy Hasan Küçük, CTP Deputy Salahi Şahiner, and UBP Deputy Alişan Şan. The meeting also welcomed representatives from the Ministry of Finance, the Monetary, Cambiation and Development Fund Office, and the Association of TRNC Insurance and Reinsurance Companies, reflecting a broad spectrum of stakeholder engagement.
Ersan Dağlı was also in attendance, providing insights and assessments pertinent to the ongoing discussions. This collective effort underscores the assembly’s determination to refine the regulatory landscape surrounding insurance services in the Turkish Republic of Northern Cyprus (TRNC), thereby fostering a more robust financial sector.
As the Committee prepares for further discussions, the focus remains on creating a regulatory framework that promotes transparency, accountability, and growth within the insurance market.
