Regulations and Accounting Applications in Insurance Sector of Turkey

AKTAŞ, Rafet and AÇIKALIN, Süleyman (2010) Regulations and Accounting Applications in Insurance Sector of Turkey. In: 2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo.

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Abstract

Insurance is a contract with a premium payment based on the principle of paying claims when the risk, that is the reason of insurance for an interest, is realized. Trust is the base of insurance business. This sector especially in developing countries has a potential to raise new funds for economic development. In Turkey, 61 firms and 16,069 employees work in life, non-life, life/pension and pension branches of insurance sector in 2008. This sector is one of the developing areas in Turkey with 73 brokers and 13,250 agencies. Insurance agencies are working according to the Insurance Law and the regulations of the General Directorate of Insurance and Insurance Supervisory Board both of which organized under Turkish Treasury. These regulations are about establishment processes, insurance activities, the way of using funds collected from premiums, and adequacy of capital and liability compensations. Accounting activities are executed according to these regulations. In addition, Capital Markets Board (CMB) and Turkish Accounting Standards Board (TASB) describe standards and accounting applications have to obey these standards too. The name of this standard is Turkish Financial Reporting Standards (TFRS) 4 – Insurance Contracts that is arranged parallel to International Financial Reporting Standards (IFRS) 4 – Insurance Contracts. This study aims to describe the characteristics of insurance sector in Turkey and also to analyze some specific regulations and accounting applications.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HB Economic Theory
Depositing User: Mr. Ibrahim Kinal
Date Deposited: 03 Feb 2012 08:19
Last Modified: 02 Mar 2012 10:26
URI: http://eprints.ibu.edu.ba/id/eprint/295

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