New tariff for Compulsory Earthquake Insurance
Changes have been made to the communique on the tariff and instructions for Compulsory Earthquake Insurance. According to the new decision, the previous minimum premium amounts of "75 TL, 65 TL, 55 TL, 45 TL, and 35 TL have been changed to read that they cannot be less than 1,441 TL, 1,283 TL, 1,092 TL, 1,024 TL, 765 TL, 546 TL, and 371 TL."
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The communique regarding amendments to the communique on the tariff and instructions for Compulsory Earthquake Insurance by the Insurance and Private Pension Regulation and Supervision Agency has been published in the Official Gazette.
Accordingly, the minimum Compulsory Earthquake Insurance premium amounts of 75 TL, 65 TL, 55 TL, 45 TL, and 35 TL included in the previous communique have been changed to read that they "cannot be less than 1,441 TL, 1,283 TL, 1,092 TL, 1,024 TL, 765 TL, 546 TL, and 371 TL."
Furthermore, the fixed amounts stated in the communique will be applied by increasing them based on the monthly change rate of the 2003=100 Base Year Domestic Producer Price Index, which is announced by the Turkish Statistical Institute each month for the preceding month.
In the event that the announced rate is below zero, said rate will be taken as zero. If the calculations result in fractional amounts, the fractions will be rounded up to the nearest whole number.