Thanks to the entrance of a great number of foreign investors to the Turkish finance market, insurance became one of the fastest growing sectors in Turkey. Parallel to the investments, our insurance team has increased its strong track record in this field. PAE’s insurance practice includes: reviewing policies and informative forms; providing advice on the corporate and regulatory requirements applicable to Turkish insurance companies, agencies and brokers; assisting clients with their efforts to comply with the New Turkish Commercial Code; representing clients before the General Directorate of Insurance; preparing official applications to the official bodies; advising and producing training material and company policies on anti-money laundering requirements; assisting clients with respect to their potential bids to acquire a stake in insurance and pension companies; carrying out due diligence work on target companies; providing advice on alternative structures that fall within the scope of non-admitted insurance activities; assisting clients on telemarketing activities which include drafting of telephone scripts; producing contracts and forming structures with vendors engaged in the telemarketing business; and providing comprehensive legal analysis on data protection and other requirements arising from the insurance legislation. Some of the members in the firm’s insurance team also worked as in-house counsels on a secondment basis in Turkish insurance companies.
