The Insurance and Private Pension Regulation and Supervision Agency of Türkiye amended its rules for participation-based insurance and individual pension activities, expanding the responsibilities of participation compliance units and officers in the operation of advisory committees. The changes require stronger agenda preparation, technical support, decision documentation, implementation monitoring and regulatory reporting. Compliance units or officers must assess whether submissions contain sufficient information for committee decisions, maintain reasoned and auditable records, promptly communicate decisions to relevant functions and monitor implementation. Companies and organizations must report implementation progress to their committees quarterly, while companies whose pension funds do not consist entirely of participation pension funds may report every six months. Decisions must follow a prescribed minimum-content template, and all decisions taken during a calendar year must be submitted to the agency by the end of January of the following year. Decisions approved by the board for internal distribution must be made accessible to all personnel. With board approval, decisions or summaries may also be published on the company’s or organization’s website. The amendments take effect upon publication.
2026-08-12Insurance and Private Pension Regulation and Supervision Agency of Türkiye
Insurance and Private Pension Regulation and Supervision Agency of Türkiye strengthens advisory committee governance for participation-based activities
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye strengthened governance requirements for advisory committees overseeing participation-based insurance and individual pension activities. Compliance functions must support, document and track committee decisions, with implementation updates provided quarterly or, for certain pension companies, every six months. Annual decisions must be submitted to the agency by the end of the following January.