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March 26, 2025
Minimum Capital Requirements For Insurance and Pension Branches Redetermined
With the circular issued by the Insurance and Private Pension Regulation and Supervision Board on 06.03.2025, the minimum capital requirements for pension and insurance branches have been redefined.
Previously, insurance and reinsurance companies that have completed their establishment procedures and were applying for a license, were required to increase their paid-in capital to the amount determined by the Undersecretariat, which could not be less than five million Turkish Liras, depending on the capital requirements specified for the specific insurance branches for which the license is requested and the guarantees to be provided.
According to the new circular, insurance and reinsurance companies that complete their establishment procedures and apply for a license following 06.03.2025 must meet the following capital requirements:
- The base capital requirement for newly established insurance and reinsurance companies is set at TL 140,000,000 (circa USD 3.8 M);
- The total minimum capital requirement for all branches (including base capital for all branches) was set as follows:
- Non-life insurance group: TL 4,000,000,000 (circa USD 105 M)
- Life insurance group: TL 1,300,000,000 (circa USD 34 M)
- Reinsurance group (for both life and non-life operations): TL 2,400,000,000 (circa USD 63 M)
- Pension branch: TL 1,200,000,000 (circa USD 31 M)
The paid-in capital must be fully paid before the license application.