Combined Insurance Services Organizing and Audit Amendment Draft Law was unanimously accepted in the Assembly – Cyprus Newspaper

The General Assembly meeting of the Assembly was completed.

At the meeting, the President of the Economy, Finance, Budget and Plan Committee, Official Eroğlu Canaltay, read the report on the bill.

Taurus

CTP deputy Fikri Toros, who took the floor on the bill, said that the Turkish Cypriot insurance sector has reached an active size of up to 120 million euros as of the end of 2024, but that the financial powers of the companies have been limited and the harmony of the European Union standards could not be achieved.

Stating that some of the suggestions he made during the committee process were not taken into consideration, Taurus said, unfortunately, the indexing of the euro in the capital amounts I believe that the law could increase the quality of the capital. he said.

Toros said, “The organization fee to be paid by the new insurance and reinsurance companies to be established in the bill is 10 percent of the paid minimum capital, while this rate has been increased to 30 percent in the committee stage.” he said.

Emphasizing that digitalization has become a necessity for the sector in his speech, Toros said that digital technologies increase the efficiency of insurance companies and allow them to identify customer demands faster and more accurately.

Expressing that the insurance sector should be purified from politics, Toros said that it is essential to establish an independent regulatory institution in this field. “Ideally, the establishment of an institution that is the capital market established institution and the sector’s connection to him.” Taurus said, in the current situation, money, exchange and development Fund Department controls the sector, but the human resources of this apartment is insufficient, he said.

Sahiner

CTP deputy Salahi Sahiner also took the floor on the draft. Sahiner said, “In this country, a insurance policy of approximately 100 million euros is produced annually and these policies secure billions of dollars of assets. This is a system that protects the assets of not only individuals but also public institutions against possible risks.” he said.

Emphasizing that insurance companies should have a financial sustainable structure, Şahiner said, “It is not possible for this system to survive with companies with weak financial structure.” He said. In this context, he said that important steps have been taken in order to make the sector more regularly.

Reminding that the law of the Organization Law of the Cambio and Development Fund Department has passed through the Parliament in the past weeks, the personnel appointments to be made to this institution should be completed as soon as possible and the experts should start through the Public Service Commission. ” he said. Sahiner calling the government, the organization structure is a necessity to make functional, he said.

Sahiner said that there has been harsh discussions against the insurance sector and that some companies have gained serious gains from the transition points with political connections. he said.

Expressing that the amount of cash paid for new insurance companies to be established has been increased, Şahiner emphasized that these amounts are left on the basis of Turkish Lira and “These figures can be increased by the Council of Ministers up to 10 times. However, there is no automatic update system. he said.

Among the amendments of the law, the members of the board of directors of the insurance and reinsurance companies, general managers and assistants to carry the qualifications to be tightened by Şahiner, said that new criteria for the graduation and professional experiences of the concerned people. Sahiner said that this step will provide better quality service of the sector.

Sahiner explained that they will also make proposals in relation to the seventh article, said that there are some elements that are overlooked about the membership of the board of directors.

Sahiner said that the revenues of the state from insurance companies with the new regulation are increased.

Berova

Finance Minister Özdemir Berova, who appeared on the podium to respond, stated that the amendments made in the Insurance Services Regulation and Audit Law is an important step to pass the Parliamentary General Assembly after 15 years and that the new law offers a basis for both the Ministry of Finance and the current needs of the sector. Berova said that thanks to the law, the sector will be audited more effectively and that the needed personnel will be employed through the Public Service Commission.

Berova referred to the speeches of the Republican Turkish Party deputies Fikri Toros and Salahi Şahiner at the General Assembly and thanked them for their contributions and constructive styles. “Mr. Toros and Mr. Şahiner may be right in concerns, but I would like to express that there is no need for these concerns. It is true that the capital amounts should be updated within the control mechanism every year, but this law has never changed since 2010.” he said.

Pointing out that the law making process was negatively affected by the political instability in the past, Berova said that short -term governments make it difficult to implement structural reforms. During this period, as the Ministry of Finance, the accounting law, the law of approval civil servants and the Monetary Exclusion Act Law, such as the implementation of many important regulations, he said.

Emphasizing that the new regulation on insurance should be evaluated within this framework, Berova said that Fikri Toros has theoretically participated in the idea of ​​the independent insurance inspection agency brought to the agenda, but considering the current structural and economic conditions of the country, the cost-price analysis of each new institution should be carried out carefully.

Toros and Sahiner made detailed evaluations about the technical details contained in the law, Berova, so the content of the content does not need to enter into detail, he said. “A sustainable framework has been established with the entry into force of this law. I would like to thank all our members and president who contributed to the discussions in the committee.” he said.

Berova completed his speech by sharing some current data on the sector. As of today, Berova noted that 40 non -life insurance companies, 3 Hayat Group insurance companies and 2 reinsurance companies are active in the country. He also said that two insurance brokers operate in the country.

Berova said that the manpower required for the supervision of this field will be provided through the Public Service Commission as soon as possible.

Following the speeches, the draft law of the united insurance services and the amendment of the audit was voted and unanimously accepted.

Thus, the General Assembly of the Assembly completed today’s meeting. The next combination of the General Assembly will start tomorrow at 10.00.

Tomorrow, President Ersin Tatar will inform the General Assembly of the Republic of the Republic at a closed session on the closed session that “regional developments that have come to a critical stage with the Israeli-Iranian War and the Greek leadership increases the dose after the Greek Geneva meeting.