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Statement from SEDDK regarding the new period in traffic insurance

Private Pension Regulation and Supervision Agency (SED-
DK) stated that compensation in Compulsory Traffic Insur-
ance became more predictable with the adoption of the law
proposal containing the amendment in the Highway Traffic
Law in the General Assembly of the Grand National Assem-
bly of Turkey. SEDDK highlighted that with the new regu-
lation, compensations will be paid more fairly and quickly
to the beneficiaries who have been damaged as a result of
traffic accidents. SEDDK made a statement regarding the
new regulation enacted in Compulsory Traffic Insurance. In
the statement, it is pointed out that The regulation, which
envisages amendments to Articles 90 and 92 of the Highway
Traffic Law No. 2918, which was referred to the Parlia-
mentary Justice Commission, was discussed and accepted
at the General Assembly of the Grand National Assembly addition, stability in traffic insurance prices will be ensured
of Turkey on June 9, 2021, and said that: “With the afore- and sudden and high fluctuations caused by such uncertain-
mentioned amendment, the legal framework for deprecia- ties will be prevented.”
tion, permanent disability, and deprivation of support within
the scope of compulsory traffic insurance will be drawn, and “We will make arrangements regarding the details as soon
the compensations will be paid more fairly and quickly to as possible”
the beneficiaries damaged as a result of traffic accidents.”
SEDDK highlighted that actuarial and technical methods to
“Our citizens will receive their compensation without be taken as the basis for calculations of compensation for
waiting” loss of value, compensation for loss of support (death com-
pensation), and disability compensation and the principles
In the statement, it is highlighted that the main purpose of regarding these will be regulated as soon as possible with
the regulation is to compensate the real damages of the right the authority granted by the law. It is stated that so that, an
holders as soon as possible by calculating the compensations indemnity payment mechanism will be provided in which the
according to scientific methods without causing any loss of most appropriate methods for insurance law and insurance
rights and it is stated that thus, the indemnities in traffic technique are determined.
insurance have become predictable for both insured and ben-
eficiaries and insurance companies. “Our citizens will continue to provide traffic insurance with
reasonable premiums”
SEDDK pointed out in its statement that with this regula-
tion, unity of practice will be achieved in the payment of SEDDK stated that since drawing the basic framework of
indemnities in the new period and the burden of litigation the procedures and principles regarding compensation cal-
in the courts over this insurance product will be prevent- culations in the law will ensure that the liability of insurance
ed. In the statement on the subject, it is stated that: “Thus, companies and therefore their financial situation is fore-
it will be ensured that the compensations that our citizens seeable, the regulation will continue to provide compulsory
deserve will be paid in the fairest and fastest way. While traffic insurance with reasonable premiums to the citizens.
beneficiaries know how much insurance compensation they SEDDK pointed out that so that, it was ensured that the
will receive without having to resort to lengthy legal process- premiums in traffic insurances, which are required by law,
es, insurance companies will be able to predict the risk they are at a level that can be paid by the citizens and that the
bear more clearly and manage them more effectively, thus compensations are at a predictable level for insurance com-
focusing more on the quality of the service they provide. In panies.