Insurance and Private Pension Regulation and Supervision Agency (SEDDK) rolled up its sleeves for an issue seen as a problem related to compulsory traffic insurance. The institution has issued a circular that also concerns vehicle owners.
SEDDK updated policy avoidance conditions
SEDDK observed a great decrease in traffic insurance compared to previous years. Taking action, the institution has completed its work to keep things tight. According to the news in Dünya Newspaper, the institution will consider the significant decreases seen in insurance companies as avoidance of issuing policies.
Here are the renewed “avoidance of policy” cases;
A decrease of 20% or more in the number of policies in the last 1 year compared to the same period of the last 3 years
30 percent or more decrease in the number of policies in the last 3 months compared to the same period in the last 3 years
30 percent or more decrease in the number of policies in the last 1 month compared to the last 3 months
In fact, SEDDK has been working on this issue since last year. So much so that in 2022, the complaints of insurance companies that they avoided making traffic insurance had increased considerably. Upon the difficulties encountered in payment and insurance transactions, the institution took action.
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SEDDK President Mehmet Akif Eroğlu stated that the situation concerns 25 million vehicle owners and said, “We will follow the market makers more closely and take the necessary measures against market disruptors and players quickly.”
SEDDK also issued a circular in August of last year. Eroğlu stated that companies that do not comply with the circular despite the warnings may be suspended from 3 days to 30 days. He said that if the avoidance continues, this punishment will continue exponentially.