The Insurance and Private Pension Regulation and Supervision Agency of Türkiye announced that it has temporarily suspended Magdeburger Sigorta AŞ’s authorisation to issue and renew new insurance policies across all branches until the company meets capital adequacy requirements, citing unresolved financial weaknesses. Magdeburger Sigorta AŞ had been placed under close monitoring for some time under the relevant legislation and was subject to phased supervisory measures, but was unable to remedy its financial position. The Agency also stated that it has taken the necessary measures to ensure the insurer fulfils all obligations to policyholders under previously issued policies, including claims compensation.
Insurance and Private Pension Regulation and Supervision Agency of Türkiye 2026-04-16
Insurance and Private Pension Regulation and Supervision Agency of Türkiye suspends Magdeburger Sigorta’s policy issuance and renewals in all lines until capital adequacy conditions are met
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has temporarily suspended Magdeburger Sigorta AŞ’s authorisation to issue and renew insurance policies across all branches due to unresolved capital adequacy weaknesses. The insurer had been under close monitoring and phased supervisory measures but failed to restore its financial position, and the Agency stated it has taken steps to ensure all obligations under existing policies, including claims, are met.