Attention homeowners and buyers: Long-standing DASK practice has changed

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has amended the General Terms of Compulsory Earthquake Insurance. With the communiqué published in the Official Gazette, the practice of transferring the existing DASK policy to the new owner during property sales has been abolished.

According to the new regulation, if a property changes hands through a sale, the existing Compulsory Earthquake Insurance contract will terminate as of the date of registration in the land registry. The paid premium amount corresponding to the unused days of the policy will be refunded to the former property owner.

Land registry offices or authorities authorized to perform the transaction will check whether there is an active Compulsory Earthquake Insurance contract in the name of the new beneficiary during the transfer.

NOTIFICATION REQUIREMENT FOR CASES SUCH AS INHERITANCE

A different process will apply in cases other than sales. In situations such as inheritance, the DASK contract will continue with the new rights holder; however, the new rights holder will be required to notify the insurance company within 15 days from the date they learn of the existence of the contract.

The communiqué states that after the notification, the relevant company or agency is obligated to provide the policy containing the endorsement of change of beneficiary to the new beneficiary within 24 hours.

The amendment made to the General Terms of Compulsory Earthquake Insurance will enter into force 15 days after the date of its publication in the Official Gazette.

News Source: 12punto