What Is Insurance Industry and Insurance Law?
The insurance industry, with a history dating back to the 600s BC, aimed to provide premium-based coverage in the society even in 1250 AD, officially started and gained momentum after the first insurance policy in the 14th century, and has become indispensable in every field today. It is an industry run by organizations that are established to meet the all kinds of insurance needs.
Insurance law which is regulated under Insurance Law book of Turkish Commercial Code, Insurance Law and the secondary legislation, is the branch of the law that deals with and settles various and complex relations especially between the insurant, the insured, the beneficiary and the insurance companies (insurer), the commercial relations between the insurance companies and the agents and brokers, the relations between the reinsurance companies, and co-insurance relations.
Experience and Services of Bozoğlu İzgi in Insurance Industry
Bozoğlu İzgi provides its clients with comprehensive legal consultancy and litigation, considering the unique dynamics of the insurance industry. The subjects that are inevitable to be encountered and evaluated in detail for every insurance company and that Bozoğlu İzgi provides preventive legal consultancy and enforcement-litigation services in line with the experience it has in the insurance sector are explained under the following headings.
Disputes Arising from the Insurance Contracts
- Managing and settling all disputes arising from implementation of contracts between the insurer and the insurant, who are the parties to the insurance contract which establishes a synallagmatic relation,
- Balancing the essential obligations of enduring the risks and paying the premiums,
- Collection of premiums not paid on due date,
- Evaluation of premium refund requests or insurance indemnity claimed by the insured and the beneficiaries,
- Determining the cases of breach of the policyholder's/insurant’s obligation to declare and their consequences,
- Following and execution of applications before the Insurance Arbitration Commission,
- Responding to applications made to the consumer arbitration committees and file lawsuits for canceling the decisions.
Disputes Arising from Commercial Relations Between Agencies
- Managing disputes arising from agency contracts,
- Collection of premium amounts that are not transferred to the insurance company, taking relevant actions within the scope of the Turkish Penal Code, if necessary, following the investigation and prosecution processes,
- Auditing compliance with the relevant provisions of the Insurance Law, Turkish Commercial Code, and Regulation on the Insurance Agents,
- Evaluation of compensation claims of agencies,
- All disputes arising from agency relations.
Disputes Arising from the Commercial Relations Between Insurance Companies
Insurance companies, which have a very large trade volume, inevitably can establish complex commercial relations among themselves due to the weight of the risk they bear. The main source of such commercial relations is reinsurance contracts and open/closed coinsurance contracts. Bozoğlu İzgi provides its clients with a comprehensive legal service in analyzing and managing complex commercial disputes arising from such contracts with both domestic and international companies, managing contracts and negotiation processes, risk assessment, alternative solution methods, and litigation.
Compliance with Legislation
Bozoğlu İzgi provides comprehensive consultancy services to its clients which are defined as “obligant” within the scope of the Law on Prevention of Laundering of Crime Revenues numbered 5549, to be in compliance with the relevant laws and secondary legislation, the Insurance Law, the regulations of the Ministry of Treasury and Finance and the Financial Crimes Investigation Board (“FCIB)”. Additionally, Bozoğlu İzgi also provides legal support to its clients in determination of suspicious transactions and making the necessary notifications within the legal terms, in accordance with the Suspicious Transaction Reporting Guidelines published by FCIB.
Determination and Follow-up of the Violation of the Insurance Law
The sanction against the violations of the obligations regulated in the various articles of the Insurance Law is set out separately for each liability in the 35th article of the said law. Bozoğlu İzgi provides a meticulous service to its clients, regarding whether the material facts faced by its clients fall within the scope of the very detailed article 35 which can be named as the "Violation of the Insurance Law" article, taking legal action to eliminate the contradictions within the scope, if deemed necessary, to follow up the investigation and prosecution processes to be initiated by filing a criminal complaint or complaint.