Turkey: Financial Sector Assessment Program-Detailed Assessment of Observance of the IAIS Insurance Core Principles

IMF Staff Country Reports, February 8, 2017

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Canonical URL: Turkey: Financial Sector Assessment Program-Detailed Assessment of Observance of the IAIS Insurance Core Principles

Presents an assessment of the observance of IAIS (International Association of Insurance Supervisors) insurance core principles in Turkey.
During the last five years, the government of Turkey has made a significant effort to improve regulation and supervision of insurance and to improve adherence to international standards.
The efficiency of information reporting, insurer monitoring, and supervision has greatly increased.
Solvency tests have been strengthened.
Reserving and investment practices have been improved.
Improvements have been made in international cooperation and information exchange.
However, major regulatory and supervisory challenges remain for Turkey to increase confidence in the sector and benefit from its continued growth.

Efficiency of information reporting: greatly increased.
Insurer monitoring and supervision: greatly increased.
Solvency testing: strengthened.
Reserving practices: improved.
Investment practices: improved.
International cooperation and information exchange: improvements made.
Remaining issues: major regulatory and supervisory challenges persist, affecting sector confidence and the ability to benefit from continued growth.

Subjects: Financial institutions, Financial regulation and supervision, Financial sector policy and analysis, Insurance, Insurance companies, Insurance supervision, Internal controls, Revenue administration, Solvency
Keywords: CR, equity capital, financial structure, Global, Insurance, Insurance companies, Insurance supervision, Internal controls, ISCR, life insurance, reinsurance company, risk management, Solvency