Rule
The Insurance Superintendent (Director of the Department of Money, Exchange and Development Fund Affairs, under the Ministry of Finance) licenses and supervises all insurance and reinsurance companies under the Insurance Services (Regulation and Supervision) Law No. 60/2010. Insurers must join and fund a statutory Insurance Arbitration Commission. A complainant must first have received a negative response from their insurer, or no response within 15 business days, before applying to the Commission. The Commission must resolve within 2 months (extendable by 1 month with the applicant's consent), and its decisions up to 40,000 TL are binding on both parties.[1]
Exceptions
- This rule covers the regulator's identity and the arbitration mechanism, threshold and timelines as stated in Articles 6, 67 and 80. Whether the Compulsory Insurance Guarantee Fund's Article 64(11)(Ç) liquidation-shortfall clause extends general policyholder coverage beyond motor insurance is not established and is excluded from this rule.
- Base Law 60/2010 text was read from a non-governmental insurance-sector mirror, not mevzuat.gov.ct.tr directly.