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In terms of the new Insurance Agents Regulation, the qualifications sought in partners and managers authorized to represent and bind the company in real persons and legal entities are as follows;

Qualifications sought for real and legal person agencies

Article 4

The following qualifications are required for real persons who will act as agents:

  1. Resident of Turkey,
  2. To have the authority to use civil rights,
  3. Not to have been convicted or sentenced for the offenses specified in sub-paragraph four of paragraph (a) of the second clause of Article 3 of the Law,
  4. Has not gone bankrupt and entered into arrangement,
  5. Having technical personnel qualifications,
  6. Fulfillment of minimum asset requirement,
  7. Sufficiency in terms of physical, technical and administrative infrastructure and human resources,

The following qualifications are required for legal entities to act as agents:

  1. Head offices to be located in Turkey
  2. Has not gone bankrupt and entered into arrangement,
  3. Fulfillment of minimum capital requirement,
  4. Sufficient in terms of physical, technical and administrative infrastructure and human resources.

The following qualifications are required for the officials of legal entities, real person partners and the authorities of legal entity partners:

  1. Not to have been convicted or sentenced for the offenses specified in sub-paragraph four of paragraph (a) of the second clause of Article 3 of the Law,
  2. Has not gone bankrupt and entered into arrangement,
  3. It is required that the legal person partners of the legal entities to act as agents have not gone bankrupt and entered into any arrangement
  4. The authorized persons who are authorized to represent and bind the company in terms of insurance transactions shall have other qualifications except those mentioned in paragraph (e) and (f) of the first paragraph.
  5. The real person agents who have the authority to make contracts or collect premiums and the director of the legal entity agency or the persons who perform this duty even if they do not carry this title shall have other qualifications except those mentioned in paragraphs (d), (e) and (f) of the first paragraph and in addition, they should have graduated from higher education institutions with course of study of at least four years, or at least two years higher education in actuarial, marketing, risk management and insurance, and have two years of professional experience.

Article 7

  1. Agencies are obliged to have a professional liability insurance issued against the damages that may be incurred to their policyholders due to their professional activities.
  2. The professional liability insurance must be provided with a minimum coverage of TL 10,000 for each claim and a minimum coverage of 100,000 TL for all claims for one year.
  3. Agencies shall issue the professional liability insurance within one month following their agency agreement with insurance companies and notify TOBB or the chamber to which they have applied for a certificate of conformity. No agency activity can be performed without professional liability insurance.
  4. Minimum coverage amount of the professional liability insurance may be increased by the Undersecretary's Office every year provided that the Consumer Price Index annual increase rate as published by the Turkish Statistical Institute every year is not exceeded.

Article 8

  1. The minimum capital amount for legal entity agencies is 25.000 TL, provided that this is not less than the amount determined by the Ministry of Industry and Trade. Assets to be declared by real persons shall not be less than this amount. This amount cannot be less than 4% of the annual premium amount mediated by agencies.
  2. The amount of the mediated annual premium is calculated by the end of the year. The agencies shall inform TOBB or the chamber to which they have applied for the certificate of conformity electronically until the end of February of the following year at the latest. If additional capital needs arise, remaining outstanding capital is completed by the end of the year at the latest. Agencies that do not close the capital deficit cannot act as agents until they close this deficit.

Collateral

Article 9

  1. The amount and conditions of collateral that insurance companies may request from their agencies due to their activities shall be determined freely between the parties.
  2. Agencies are required to provide collateral in accordance with the company's acceptance limits.
  3. Bank letters of guarantee, real estate mortgage, cash (TRY or foreign currency bought and sold by the Republic of Turkey Central Bank), at least 51% of the shares of State-owned companies of capital, treasury bills, government bonds are accepted as collateral by insurance companies.
  4. In real estate mortgages; construction servitude should have established in real estates. In addition, immovable properties such as apartments or shops are accepted as real estate guarantee.

Requirements Sought for Candidate Agencies;

  1. To have the qualifications sought for shareholders in real persons and legal person agencies and managers authorized to represent and bind the company in terms of Insurance Supervision Law.
  2. to fulfill the specified collateral obligations.
  3. To have a balanced portfolio that can realize our company's premium generation expectations.
  4. to have the qualifications to offer customer service determined by our company in terms of office, technical equipment and human resources.
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