Recent Developments
The Presidential Decree No. 47 on the Organization and Duties of the Insurance and Private Pension Regulatory and Supervisory Authority (“Decree”), entered into force with its publication in the Official Gazette dated October 18, 2019 and numbered 30922.
What’s New?
- The Decree established the Insurance and Private Pension Regulatory and Supervisory Authority (”IRSA”) as a public entity with financial and administrative autonomy. The IRSA will regulate and supervise the insurance and private pension sectors.
- As per the Decree, references to the Ministry of Treasury and Finance, the Insurance General Directorate or the Presidency of the Insurance Supervisory Board in the insurance and private pension legislation will be now considered references to the IRSA.
- The IRSA will have the authority to regulate the insurance and private pension sectors and to supervise individuals and institutions operating in those sectors.
- The Decree sets out that secondary regulations will be prepared and enter into force within a year following the first meeting of the IRSA. Pursuant to the Decree, the provisions of the existing insurance and private pension laws which are not contrary to the Decree will be applicable until the new regulations/provisions are made.
Conclusion
The Regulation aims to ensure an insurance sector regulated through an autonomous authority.
