What is Insurance and Reinsurance Insurance Law?

 

Insurance and reinsurance insurance law is a branch of law that deals with insurance contracts and disputes arising from these contracts. This branch of law also includes the legal regulations governing the activities of insurance and reinsurance companies and the rights and obligations of these companies in insurance contracts with their customers.

Insurance and reinsurance insurance law regulates issues such as warranties, coverage, exceptions, indemnities, premiums and policy conditions in insurance contracts and sets rules for the resolution of disputes on these issues. This branch of law also covers issues such as insurance reviews by insurance companies, assessment of insurance claims and resolution of disputes between insurance companies and the insured.

Although insurance and reinsurance insurance law is country-specific due to the legal regulations that differ between countries, it is basically a branch of law that regulates issues such as insurance contracts, the activities of insurance companies and the rights and obligations of assured.

 

Insurance and Reinsurance Insurance Law in the Turkish Legal System

 

The Turkish Legal System considers insurance and reinsurance insurance law as an important branch of law. This branch of law includes the legal regulations regarding the activities of insurance companies and insurance contracts.

Insurance and reinsurance insurance law in Turkey is generally regulated by legal regulations such as the Insurance Law, the Turkish Commercial Code and the Code of Obligations. These legal regulations regulate the subjects, warranties, indemnities, premiums and policy conditions in insurance contracts. In addition, these legal regulations regulate the activities of insurance companies and cover issues such as insurance reviews, assessment of insurance claims and resolution of disputes between insurance companies and the insured.

 

Insurance Law Legislation in Turkey

 

Insurance law legislation in Turkey consists of many laws and regulations. The main purpose of this legislation is to make regulations regarding insurance companies, assured and insurance transactions and to ensure legal security in this area. Here are some of the insurance law regulations in Turkey:

 

• Insurance Law

• Regulation on General Conditions of Insurance

• Regulation on Insurance Agencies

• Regulation on Insurance Brokerage

• Regulation on Interest Rates to be Applied in Insurance Contracts

• Insurance Arbitration Commission Regulation

Insurance law legislation in Turkey is not limited to the laws and regulations listed above. There are many different topics related to the insurance industry. These include the preparation and management of insurance policies, the supervision and regulation of insurance activities, the resolution of disputes arising from insurance contracts, the payment of insurance claims and many other issues related to insurance law. These issues are regulated by legislation such as Insurance Law, Turkish Commercial Code, Code of Obligations, Enforcement and Bankruptcy Law in Turkey. In addition, institutions such as the Capital Markets Board and the Banking Regulation and Supervision Agency also make regulations regarding the insurance sector.

 

Insurance Arbitration and Impairment

 

Insurance arbitration is an alternative dispute resolution method used to resolve disputes arising from insurance contracts. The Turkish legal system also recognizes insurance arbitration. In insurance arbitration, the parties present their disputes to an independent arbitral tribunal, and this arbitral tribunal decides if the parties cannot agree. With this alternative solution method, the long waiting period for litigation can be eliminated and the damages can be compensated much faster.

Disputes arising due to loss of value in insurance arbitration, or loss of value of an insured property or real estate are resolved within the scope of the insurance policy. Loss of value is an issue in which the insured claims compensation within the scope of the coverage specified in the policy. Depreciation claims are mostly related to the depreciation of vehicles after traffic accidents. The Turkish legal system has made various arrangements for insurance arbitration.

As a result, the Turkish legal system has made various regulations on issues such as insurance arbitration and loss of value, and it also accepts alternative dispute resolution methods premium resolution of these disputes. In order to obtain detailed information on these issues, local sources and expert teams in the field of legislation should be examined and legal support should be obtained at the point of conflicts that arise.

 

Lawsuits Based on Insurance Law

 

Insurance lawsuits often arise from insurance contracts. Some examples are:

• Insurance compensation claim: It is the claim made by the assured to the insurer for compensation  loss suffered as a result of an event covered by the insurance policy.

• Insurance premium collection lawsuits: These are the lawsuits filed by the insurer to collect the premiums to be paid under the insurance policy.

• Actions for cancellation of insurance policy: Lawsuits are filed in case the insurance policy owner wants to terminate the policy or the insurance company wants to terminate the policy.

• Disputes arising from the insurance contract: Disputes arising within the scope of the insurance contract are resolved in accordance with the insurance law.

• Lawsuits related to liability of insurance company: Lawsuits filed in case the insurance company fails to fulfill its obligations under the policy.

• Reinsurance litigation: Litigation arising from reinsurance policies taken by insurance companies to distribute their risks.

These cases are resolved in accordance with the conditions determined in the insurance contract and the norms of insurance law. In the Turkish legal system, insurance cases are usually heard in commercial courts. In addition to all these, it should be noted that it is extremely important to work with an insurance law lawyer who is an expert in their field, considering that developing conditions may also reveal new disputes. Because the insurance law in question is a branch of law with a lot of technical details, it may be possible that an incomplete or erroneous transaction may bring about the loss of rights that cannot be compensated.

For these reasons, we would like to state that together with our expert team, we provide all kinds of consultancy services and follow up the legal process so that our clients do not experience any loss of rights. In the context of these activities, the main services we offer to our clients are as follows:

• Insurance contract preparation and review: Our lawyers can provide services in the preparation and review of insurance contracts concluded between insurance companies and their customers.

• Insurance and reinsurance law consultancy: Our clients are provided with consultancy services on insurance and reinsurance law. In this context, information and advice on subjects such as insurance contracts, indemnity payments, liability limits and insurance types are provided.

• Representation and defense in insurance and reinsurance law disputes: Clients are represented and defended in insurance and reinsurance law disputes. In this context, legal support is also provided on issues such as insurance indemnities, termination of insurance contracts, policy cancellations, insurance disputes and other disputes.

• Litigation and follow-up in the field of insurance and reinsurance law: In order to protect the rights of clients, lawsuits are filed in the field of insurance and reinsurance law and the process is followed. In this context, lawsuits can be filed against insurance companies on issues such as compensation claims, cancellation of insurance contracts and other legal claims.

• Follow-up and consultancy on insurance regulations and legislation: Information and consultancy services about insurance regulations and legislation are also provided to our clients. In this context, the regulations made by institutions such as the Capital Markets Board and the Banking Regulation and Supervision Agency are followed and the clients are informed.

Specific to Turkish law, legislations such as the Turkish Commercial Code, Insurance Law, Code of Obligations, Enforcement and Bankruptcy Law are also taken into account in the services to be provided to clients in insurance and reinsurance law. In addition, the regulations of institutions such as the Capital Markets Board and the Banking Regulation and Supervision Agency are also followed. In this way, work is focused on the satisfaction of our clients are carried out with a complete and high-quality service understanding.