Insurance and Automotive Sector Consultation Meeting at ATO…

The Future of the Insurance Sector Discussed in Cooperation with ATO and SEDDK

Chairman of the Board of Directors of ATO Gursel Baran and President of Private Pension Regulation and Supervision Agency (SEDDK) David MentesIn the meeting held at ATO Duatepe Hall with the participation of , the problems, demands, opinions and solution suggestions of ATO members were discussed. Baran drew attention to the critical role of the insurance sector in the country's economy and stated that the size and power of the sector showed the development levels of countries. Baran stated that the increase in the number and diversity of risks also increased the demand for the insurance sector and emphasized that the existence of a well-functioning insurance sector is essential for the healthy growth of the real sector.

Insurance: The Safety Valve of the Economy

Baran said, “Insurance is a very important sector in terms of the sustainability of the economy and trade. The economy has a structure that is virtually secured by insurance. In an environment where the insurance sector is not present, we cannot talk about economic growth and the development of trade. Insurance is closely related to almost every sector. Developments in the sector affect many areas from health services to tourism, from construction to automotive, and create new needs and demands for these sectors. As the cooperation and consultation mechanisms between our sectors strengthen, our trade and economy will also grow and develop.”

Baran thanked SEDDK President Davut Menteş for reducing the mandatory traffic policy period from 1 year to 60 days in line with the demands of ATO members who buy and sell motor vehicles. Stating that the demand of ATO members for temporary insurance in vehicle purchase and sale transactions was concluded positively with the constructive approach of the Insurance and Private Pension Regulation and Supervision Agency, Baran said the following: “With the regulation introduced on December 6, the person who owns the vehicle in vehicle purchase and sale transactions had to first have traffic insurance and then carry out the sale transaction at the notary. This situation created a new workload for car dealerships. The demands of the sector for this regulation to be reviewed were taken into consideration and car dealerships trading in second-hand vehicles were given the opportunity to have a 60-day short-term traffic insurance policy. We thank the Insurance and Private Pension Regulation and Supervision Agency and Mr. Menteş for this regulation that listened to the demands of the real sector and facilitated trade.”

Emphasis on Financial Resilience

SEDDK President Davut Menteş also emphasized the importance of the need for insurance in his speech at the meeting, drawing attention to the fact that work and study areas always bring with them the need for risk and protection. Menteş, stating that insurance is one of the cornerstones of the financial sector in Turkey as well as all over the world, said, “As SEDDK, our biggest priority right now is to ensure financial resilience, especially for insurance companies, and to create a sustainable financial solidity mechanism.”

ATO Board Member Yasin Özyolu, SEDDK Vice Presidents Emine Feray Zengin and Hande Hatunoğlu Kurtulan and ATO professional committee members attended the meeting.

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