ATO President Baran: There are 120,000 policies issued by the two seized insurance companies

According to a statement from the ATO, the Chamber's Insurance Services Professional Committee President Mehmet Serdar Çankaya and his delegation visited Baran at his office.

The delegation conveyed to Baran the grievances they have experienced due to the two insurance companies seized by the SEDDK.

Recalling that the firms in question were seized by the SEDDK on November 28, Baran noted the following:

"In his statement, the SEDDK President indicated that the assets of both companies had reached a point where they could no longer meet their liabilities. It appears that the seizure of these two companies became inevitable to prevent further policyholders from being victimized and to protect the reputation of the sector, and this step taken is appropriate. From now on, for the process to function healthily, it is necessary to prevent harm to policyholders and agents. There are 120,000 policies issued by the two seized insurance companies. Insurance agents are suffering as they are unable to collect the premiums for the policies they issued and are being subjected to questions and reactions from the citizens for whom they arranged these policies."

Baran stated that a discount voucher would be provided for half of the premiums to be refunded, noting that the issue of how customers who will not renew their insurance will evaluate these matters remains unresolved.

Emphasizing that there are over 8,000 policyholders whose vehicles were damaged and taken to repair shops during the process when the companies were seized, Baran expressed that in addition to policyholders and agents, automobile maintenance and repair services are also suffering.

Stating that agents cannot apply no-claims discounts to policyholders who want to issue new policies, and that this is leading to discussions of high prices, Baran made the following assessment:

"Both agents and policyholders are in a difficult situation. Managing the process of seizing insurance companies correctly is important for maintaining an environment of trust in the sector. The SEDDK should make a statement that answers the questions of both policyholders and insurance agents, and adopt an approach that prevents and resolves these grievances."

News Source: 12punto