The EU’s Harmonization Requirement for the Turkish Insurance Industry: From the Perspective of Turkey’s Full Membership
Cem Berk and Niyazi Berk
This study comparatively analyzes the EU insurance system and the Turkish insurance sector in light of the Solvency II regulation. Topics such as the foundation, certification, restructuring, supervision, and disclosure of insurance companies are also evaluated to determine the Turkish insurance industry’s capacity to integrate with that of the EU. Regulations aim to constitute a risk- based capital adequacy model by establishing a relationship between the risks of insurance companies and their financial resources. This requires the adjustment and application of the companies’ risk management rules and principles. An example of the standard method is presented to show the capital adequacy ratios of Turkish insurance companies from the perspective of harmonization with the EU single insurance market.
Keywords: insurance regulation, EU insurance market integration, solvency requirement, risk- based capital, insurance harmonization
Suggested APA citation:
Berk, C., & Berk, N. (2017). The EU’s harmonization requirement for the Turkish insurance industry: From the perspective of Turkey’s full membership. International Interdisciplinary Business-Economics Advancement Journal, 2(1), 42-53.