Amendments To The Insurance Agencies Regulation

The Regulation Amending the Insurance Agencies Regulation (the "Amendment Regulation") was published in the Official Gazette on January 22, 2025, and has entered into force on the same date.

The Regulation, which introduces significant provisions for insurance agencies, includes noteworthy updates particularly regarding minimum capital requirements, technical personnel qualifications, and operational obligations. The key highlights of the Amendment Regulation are as follows:

• Significant changes have been introduced to the minimum capital requirements for legal entity insurance agencies. The minimum paid in capital for legal entity insurance agencies has been set at TRY 3,250,000. Agencies that wish to establish branch offices must have at least TRY 4,000,000 capital for their headquarters and an additional TRY 325,000 for each branch. For agencies that aim to operate solely through distance selling without establishing branches, the minimum capital requirement