Compulsory Earthquake Insurance Maximum Guarantee amount was increased to 1 million 704 thousand 162 TL

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Lerato Khumalo

The Communiqué on the Amendment of SEDDK’s Compulsory Earthquake Insurance Tariff and Instruction Communiqué was published in today’s Official Gazette.

Accordingly, the amount of collateral 1 million 272 thousand TL 1 million 704 thousand 162 TL was increased. The price of the insurance price account was increased from 6 thousand TL to 8 thousand 39 TL for reinforced concrete housing and from 4 thousand TL to 5 thousand 359 TL for other houses.

The last sentence of the first paragraph of Article 2 of the Communiqué, “In this way, the minimum premium amount to be determined in any case according to the risk group from the first group to the seventh group of 1441 TL, 1283 TL, 1092 TL, 1024 TL, 765 TL, 546 TL and 371 TL can not be less than 371 TL.

The communiqué was added to the “determination of fixed amounts” to come after Article 8.

In accordance with this, the fixed amounts in the Communiqué, each month announced by the Turkish Statistical Institute for the previous month 2003 = 100 Basic Domestic Producer Price Index will be increased by taking the monthly exchange rate, if the ratio is below zero, the ratio will be taken as a result of the calculations will be reported.

In the Communiqué, the monthly increases within the scope of Article “Determination of Fixed Amounts” will be applied to start from the month following the date on which this article entered into force.

The provisions of the Communiqué, which has been valid since tomorrow, will be carried out by the President of the Insurance and Private Pension Regulation and Supervision Agency.