Compulsory traffic insurance coverage amounts increased by 50 percent

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has issued a statement regarding the decision published in the Official Gazette, which includes amendments to the Compulsory Traffic Insurance Tariff Regulation.

Accordingly, a 50 percent increase in coverage amounts has been implemented to ensure that the losses of beneficiaries are compensated in accordance with economic conditions. Within this framework, coverage amounts have been increased from 200 thousand TL to 300 thousand TL for material damages, and from 1.8 million TL to 2.7 million TL for bodily injuries.

AUTHORITY GRANTED TO THE AGENCY

The agency has been granted the authority to determine the procedures and principles for the discount to be applied to traffic insurance contracts issued for individuals registered in the National Disability Data System.

In the event of the termination of a traffic insurance policy, the minimum premium amounts accrued to the insurance company have been indexed to 2 percent of the gross minimum wage. According to the regulation, 80 percent of the amount calculated in this way will accrue as an agency commission.

TRUCKS AND TRACTOR UNITS REMOVED FROM SCOPE

Furthermore, the scope and distribution principles of the risky insured pool, which has been in effect for compulsory traffic insurance since 2017, have been changed. With the amendment, truck and tractor unit vehicle groups have been removed from the scope, thereby narrowing the pool.

Additionally, only the production share factor will now be used in the method of distributing pool results to companies.