Untitled Document
Translation of Sectoral Announcement no 2007/21
Translation of Chain-Ladder Method Circular
Translation of General Conditions for Loan Insurance
There's no such thing as a free lunch or a free assistance rider!
Rent protection
Translation of Amendment to Life Regulations
Life Insurance Statistics - Haymer Guidelines for Completion of Tables
Islamic Finance Pension Product Launched
Whose fault? 2011 returns below inflation
Actuarial exam syllabus for 2012
Untitled Document population premium waiver 2012 Aegon Katılım Hayat ve Emeklilik death 2023 Islamic finance health Asya Emeklilik
Untitled Document
Pensions Branch Results 2007

12/02/2008

The Pensions Monitoring Centre (EGM) has published statistics for the Personal Pension System (BES) for 2007.

 

As of 28 December 2007, there were a total of 1,571,116 pension contracts in force, covering 1,453,896 individuals.

 

Total funds under management amounted to 4.554 billion New Turkish Lira (YTL).

 

Contributions paid by participants (since the establishment of the private pension system) amounted to 3.898 billion New Turkish Lira.

 

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Translation of Sectoral Announcement no 2007/21

12/01/2008

SECTORAL ANNOUNCEMENT RELATING TO DISTRIBUTION OF REMAINDER OF PROFIT-SHARE IN LIFE INSURANCE

(2007/21)  

As is generally known, the old regulations covering life insurance that were published in the Official Gazette number 22842 dated 9/12/1996 were replaced by the new regulations, Life Insurance Regulations, published in the Official Gazette number 26586 dated 18/7/2007, and that with effect from 5/11/2007 all existing tariffs would be operated according to these new regulations without any need for approval procedures

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Translation of Chain-Ladder Method Circular

12/01/2008

CIRCULAR RELATING TO THE ACTUARIAL CHAIN LADDER METHOD

(2007/24)

As is known, the Regulations relating to Technical Reserves for Insurance, Reinsurance and Pensions Companies, and the Investment Vehicles that can be used for these Reserves (Sigorta ve Reasürans ile Emeklilik Şirketlerinin Teknik Karşılıklarına ve Bu Karşılıkların Yatırılacağı Varlıklara İlişkin Yönetmeliği) was published in the Official Gazette number 26606 on 7.08.2007, under the provisions of the Insurance Law (Sigortacılık Kanunu) published in the Official Gazette number 26552 on 14.06.2007, and that subsection six of article 7 of this Regulation states that, “the Outstanding Claims Reserve establishedby an insurance company for the current period, may not be less than the amount found by using the actuarial chain-ladder method as presecribed by the Undersecretariat.”  

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Chain-ladder method for IBNR

12/01/2008

For years the term IBNR in Turkey related to "late reported" claims: claims that had occured before 31 December, and had been reported between the year end and the date of final closing of accounts.

The new insurance law of 2007 introduced the concept of a true IBNR (Incurred but Not Yet Reported claims) to the calculation of an outstanding claims reserve.

Such IBNR reserves are normally calculated by actuaries using statistical methods of projection from portfolio statistics, using as a basis data such as claims actually reported, and delays between claims occuring and date reported for each type of claim.  The most common method is called a "chain-ladder" method.

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Number of Turkish Actuaries reaches 105!

05/10/2007

The Treasury has added 13 names to the list of qualified actuaries in Turkey (Aktüer Sicili). This is probably the last such addition to the list, as the requirements for qualification as an actuary change with effect from January 2008, when a new examination system will be introduced.  The number of actuaries on the list now stands at 105.

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Ahmet Genç wins award

04/10/2007

 The Turkish national daily economic newspaper, Dünya Gazetesi, has chosen its Economic Stars of the Year for 2007.  In this annual award, the newspaper which is Turkey's equivalent of the UK's Financial Times or the USA's Wall Street Journal, chose the head of the Treasury Undersecretariat for Insurance, Dr Ahmet Genç, as Burocrat of the Year.

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New Rules on Profit Participation for Life Products

04/10/2007

The new regulations applicable for savings products issued under the Life branch with effect from 5 Nov 2007 brought in new rules for lapses.  On 31 December the Treasury issued a sectoral announcement clarifying how the old rules for distribution of profit share on a lapse would interact with the new ones.

Previously, a company would return the mathematical reserve on a lapse.  Only on completion of the surrender period (typically 5 years) would the company need to make a surrender payment to the policyholder.

There was an application specific to the Turkish market known as distribution of the profit-share remainder (kar payı kalıntısı). The company would only profit from the mathematical reserve excluding any participation in investment profits. 

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General Conditions for Debt Repayment Insurance

04/10/2007

In January 2008 the Treasury issued new General Conditions covering loan insurance, or loss of income insurance, related to Unemployment and  Temporary Incapicity to Work.  They are effective February 2008.

General Conditions are mandatory policy wording that must be used by all companies in Turkey issuing products in a particular branch of business.  General conditions override Special Conditions (individual policy wording which is company specific).  General conditions may be amended in Special Conditions ONLY to the extent that the amendment is in the policyholder's favour e.g. an exclusion in the General Conditions may be included in the policy cover by the Special Conditions.  

For a full English translation click here.

 

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