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International Insurance Law and Regulation 2021


Introduction to the March 2021 Edition of International Insurance Law and Regulation

International Insurance Law and Regulation is a comprehensive collection of commentary from internationally
recognized practitioners who are experts in their jurisdictions. These specialists discuss the law and regulation of insurance in their region, creating a country-by-country guide on doing business in this highly structured and regulated industry.

The March 2021 edition contains the following updated or revised chapters:

Chapter 13, Colombia

Chapter 14, Croatia

Chapter 21, Hong Kong

Chapter 24, Isle of Man

Chapter 34, Myanmar

Chapter 35A, Nigeria

Chapter 37, Panama

Chapter 45, South Korea

Chapter 50, Turkey

Chapter 53, Vietnam

Each of these chapters has been written and updated by attorneys from these countries who are experts on their subject matter.

Please see below highlights from the Turkey chapter:

Incorporation of Türk Re and Türkiye Sigorta, together with the new insurance regulatory agency affiliated with the Ministry of Finance, reflect the government’s endeavor to foster the domestic insurance and reinsurance markets. While the enactment of the Commercial Code in 2012 was one of the first steps for harmonization of the Turkish market with that of Europe, insurance contracts have remained limited under the general template conditions issued by the Treasury, i.e., the former regulatory agency. The Constitutional Court ruled that required general conditions are an arbitrary interference with freedom of contract and violate the rule of law. The Constitutional Court’s decision is expected to encourage parties to incorporate, negotiate, and construe special conditions (and exclusions) according to their individual needs and circumstances.

First published by Thomson Reuters (West), in 15.03.2021

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