Insurance brokers are the representatives of the customers. It is mandated by the customer to provide at least 3 insurance companies with the offer of the insurance policy in the content they need, and to inform the customers in their final decision. Insurance brokers require expertise. Insurance brokers, T.C. The Undersecretariat of Treasury of the Prime Ministry has to obtain an insurance brokerage license from the General Directorate of Insurance. One of the conditions that must be met in order to request a license is the need to document that the founding partners of the company have worked in the insurance sector for at least 8 years.
Insurance brokerage requires strong financial structure.For insurance brokers to start their activities, it is necessary that the minimum paid-up capital be 20.000 TL, and for every field where they operate (life, life and reinsurance brokerage). For example, if the broker operates in three areas, the paid capital must be at least 50.000 TL.
Insurance brokers are independent. Insurance brokers can work with all insurance companies. Insurance brokers can cooperate with any number of insurance companies. They can also work with all insurance companies if they deem necessary. Insurance brokers are supervised by the Turkish Treasury Undersecretariat of Treasury Inspection Board.