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07/12/2015

The bylaw titled “Bylaw for Insurance Support Services” announced in the Official Newspaper numbered 29459 on 28.08.2015 became effective on 28.11.2015.

The bylaw regulates the rules and principles regarding procurement of support services, delivery of support services and rules and principles regarding the service providers that provide such support services in relation to main field of activity of insurance companies.

Accordingly,

  • As per paragraph one of article 5 titled "General Provisions Regarding Service Procurement", The companies, prior to procurement of such services, will provide a report detailing the risks that might arise from the services to be procured and management of these risks as well as expected benefits and costs, electronically to Insurance Information and Monitoring Center.
  • On the other hand, as per paragraph nine of the same article, the companies are obligated to send to Insurance Information and Monitoring Center no later than end of March every year, their reviews regarding the report prepared as per paragraph one in relation to support services procured.
  • As per Article 7 titled "The List", companies are required to submit to Insurance Information and Monitoring Center, a list of service providers (categorized based on service types) they receive service from.

Action to be taken by the Insurance Companies

Competency Report

Insurance companies are required to upload to the system of SBM, the competency reports in PDF format prepared in line with the information given below. The reports will be sent to the Undersecretariat of Treasury.

The report to be prepared in accordance with Communiqué Series 2015/42, should have the below titled:

  • The subject of the support service
  • Expected benefits and expectations from the support service
  • The cost/burden brought about by procurement of the support service.
  • Risks that might arise from procurement of the support service and how that risk will be managed.

Annual Review Report

Insurance companies are required to upload to SBM systems no later than end of March every year, their reviews regarding the competency reports for support services they received.

The report should cover the following topics:

  • The subject of the support service
  • Expected benefits of the support service for the company
  • The cost/burden brought about to the company by procurement of the support service.
  • Risks that might arise from procurement of the support service and how that risk will be managed.
  • Result obtained. Weather or not procurement of support service met expectations, based on cost-benefit analysis and risk evaluation.

Registration of Support Service Providers

Insurance companies that are required to register the service providers they procure service from in SBM systems via the web application or web service provided to them based on service types. Service providers that are registered via the insurance company are not required to take additional action.

The following information needs to be entered during registration:

  • Tax ID number of support service provider

Subject of Service (to be selected from the list)

Support service providers that are not affiliated with any insurance company, should make an application for registration by selecting "Support Service Providers Registration/Update Requests" on http://sbm.org.tr/en/onlineservices/Pages/Support-Form.aspx​​​

Following documents should be attached to the application:

  • Tax certificate for the most recent last financial year
  • List of authorized signatures
  • Photocopy of the ID of the applicant

After SBM reviews the application, SBM will register the company in the list if the company is found to be appropriate. In case the above-mentioned documents are not attached to the application, or incase of missing documents the company will not be registered in the system.​​

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