A regulation published in the Official Gazette No. 31564 dated 10 August 2021 (“Amendment”) has amended The Regulation on Arbitration in Insurance dated 17 August 2007 ("Regulation"). You can read the Amendment here (available in Turkish only).
What Has Changed?
- The Insurance and Private Pension Regulation and Supervision Agency is now responsible for the duties and authority related to insurance arbitration previously held by the Ministry of Treasury and Finance.
- The Insurance Arbitration Commission (“Commission”) will now store the arbitral awards that would previously have been sent to the competent courts for storage.
- Arbitrators who are on the insurance arbitrators list are prohibited from acting as a party representative in disputes before the Commission.
- Provisions of the Code of Civil Procedure No. 6100 on the disqualification and challenge of judges will now also apply to arbitrators.
- The time limit for challenging arbitrator(s) has decreased to five business days from 15 days.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.