Question 1: What is Insurance Brokerage?

Broker can be described as a consultant. Broker represents insured, not the Insurer. Basically, by researching the risks before providing insurance services to customers, the insurance coverage will be carried out by brokers on behalf of clients with the most appropriate balance in the framework of the guarantee and premium. In particular, all insurance companies in the insurance sector realize many types of policies, including different kinds of guarantees and exceptions, so called standard policy types. Customers usually have difficulty while receiving these products within the appropriate scope. In some cases, customers do not know exactly what they need before they buy insurance coverage. This case leads to a reverse status by paying an extra premium; furthermore, sometimes an immediate damage against the client's business will endanger life or cause to stop activities that could lead to stop the executions. The insurance broker is not just the insurer, but also the consultant for the customers.

Question 2: What are the differences between the Insurance Agency and Insurance Broker?

Insurance broker acts on behalf of the customers. Insurance agents represent the standard products available for customers under markets of insurance companies. Insurance brokers can also apply at international levels for their scope and price analysis. In case of damage, insurance brokers take place with the client in an objective way for solving the problem.

Question 3: What is required to be qualified as Insurance Broker?

The requirements for being qualified as Insurance Broker were instructed by official regulations. Being resident in Turkey, not behaving against insurance legislation, not being punished by imprisonment or more severe penalties, not being involved in bankrupt, even amnesty is not sufficient regarding the causes of having been suffered under heavier judgments, or more than five years imprisonment or a simple/qualified embezzlement, bribery, theft, fraud, bad faith use, such as false bankrupt, misuse and illegal behaviors during official procurement and sales, illegal money laundering or declaring state secrets, smuggling of tax or attempt for Smuggling of tax. Four-year high school graduation and at least ten years professional experience in the insurance field are needed. In addition, staffs of brokerage, operating rules, inspection procedures, requirements and laws, principles of impartiality and independence have all been regulated by the same regulations. After completing the approval of Treasury according to the regulations referred to all application- and-qualification-requirements, the broker is allowed to work with given license(s).

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