Mandatory traffic insurance quotes are now on a single platform!

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) announced that it issued circular number 2024/6 regarding the Quote Platform for Insurance Intermediaries on January 31, 2024.

In the statement made by the agency, it was noted that the Quote Platform for Insurance Intermediaries, created within the scope of the circular, is an IT-based platform established under the Insurance Information and Monitoring Center (SBM) for insurance intermediaries (agents and brokers) to obtain quotes for compulsory motor third-party liability insurance.

The statement included the following: "Membership in the platform is mandatory for companies; however, it is optional for intermediaries, and a membership fee must be paid by the intermediaries. The membership of an intermediary who does not pay the intermediary commission debt or the platform membership fee to the SBM will be suspended. Two types of intermediary relationships are possible on the platform: existing intermediary relationships and intermediary relationships that can be established via a Platform Intermediary Agreement exclusively for the production of policies through the Platform."

Furthermore, it was emphasized that the establishment of a Platform Intermediary Agreement is optional for both parties, and that procedures regarding the establishment and termination of the agreement are subject to general provisions. The statement added, "A letter of guarantee or surety insurance cannot be requested. A requirement to work with only one insurance company cannot be imposed. Regulations that would harm portfolio rights cannot be made."

WILL PROVIDE QUOTES WITHIN 10 MINUTES

The operation of the platform is divided into two stages; in the first stage, insurance intermediaries will receive quotes from the insurance companies they currently have agreements with within 10 minutes, and policies will be issued via company screens using these quote numbers. If a quote cannot be obtained in the first stage, quotes can be obtained in the second stage from other insurance companies with which an intermediary relationship has been established under the Platform Intermediary Agreement. In this stage as well, quotes will be provided within 10 minutes, and policies will be issued via the quote numbers. Insurance companies will not be able to set coercive conditions regarding the premium collection of policies issued with quotes provided through the platform. Additionally, the failure of companies to provide a quote and the failure to issue a policy by the end of the day with a provided quote will be considered a case of non-issuance of a policy.

News Source: AA