‘Deposit’ era for TCIP funds
With the amendment made to the Turkish Catastrophe Insurance Pool (TCIP) operating principles regulation published in the Official Gazette, funds can now be evaluated in time or demand deposit and participation accounts at all banks.
Turkish Catastrophe Insurance Pool (TCIP) funds can now be evaluated in time or demand deposit accounts, as well as special current and participation accounts at all banks. Previously, said funds could only be evaluated as time or demand deposits at public banks.
According to the regulation amending the TCIP operating principles regulation published in the Official Gazette by the Insurance and Private Pension Regulation and Supervision Agency (SEDDK), the investment of TCIP funds in securities traded on stock exchanges will be conducted through accounts opened with institutions authorized by the Capital Markets Board (SPK) or via the stock exchange.
Under the new regulation, the limit stating that the amount that can be invested in the capital market instruments of a single issuer cannot exceed 15 percent of TCIP funds will not apply to financial assets issued by the Ministry of Treasury and Finance or asset leasing companies of the Ministry of Treasury and Finance.
News Source: 12punto
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