Our Association has regarded it necessary to make an announcement on the recent news coverage on various media organs regarding premium returns in traffic insurance.

 

Insurance companies determine the rate of discount and/or increase to be applied in compulsory traffic insurance contracts depending on the documents submitted by the policyholder and loss certificate provided by the Insurance Information and Monitoring Center.

 

In this respect, an infrastructure was built to enable insurance companies to inquire all previous insurance policies. As a result of investigations, it has been detected that insurance companies cannot determine the rate of discount and/or increase for some policies as they could not confirm the existence of policies that have been cancelled due to disposal or other reasons.

 

As a part of this process, Insurance Association of Turkey has taken necessary actions to ensure a healthy resolution by facilitating the coordination between the Undersecretariat of Treasury and Insurance Information and Monitoring Center. The process regarding the premium returns is regulated by the Circular issued by the Undersecretariat of Treasury. During this process, vehicle owners that would normally be subjected to additional premiums by insurance companies, will not pay additional premiums. Within the scope of the Circular;

 

• Policies that are subject to a no-claim discount and premium returns have been determined by the Insurance Information and Monitoring Center, and related insurance companies have been notified. The return amount shall differ per person depending on the policy premiums and policy levels;

 

• Insurance companies shall determine the amounts to be returned to policyholders as of August and deposit the amounts in the bank accounts of policyholders using their IBAN information or in their credit cards provided that the policyholder proves ownership of such card.

 

This will not apply to all traffic insurance policyholders but to those whose policies could not be drawn on the accurate level as their loss history was not determined accurately starting from 18.06.2016. In this respect, rightful policyholders can be inquired on the website of Insurance Information and Monitoring Center www.sbm.org.tr.

 

We respectfully announce to the public…

 

Insurance Association of Turkey