Housing, marriage, natural disaster: The terms of the ‘partial payment’ in BES, which will start on July 1, have become clear – Last Minute Economic News

Stating that premium production in Turkey increased by 137 percent to 828 million lira last year, IBS Insurance Chief Executive Murat Çiftçi said, “The sector is expected to mobilize with the availability of surety insurance in public procurement and the spread of surety insurance in commitment and bank loans.”

Participants who have been in the private pension system for at least 5 years will be able to withdraw up to 50 percent of their savings without breaking their accounts.

Steps taken to increase participation in the private pension system (BES) and extend the duration of stay continue. In this context, the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) published the circular yesterday in which it determined the application principles for the “partial payment” application that it will put into effect on July 1. With the application, voluntary BES participants will be able to withdraw up to 50 percent of the amount accumulated in their accounts in cases of “marriage”, “housing purchase” and “natural disaster” without leaving the system and losing their rights. Those who want to benefit from this will be able to apply to the pension company they have a contract with. Pension companies will control their applications through the infrastructure provided by the Pension Monitoring Center. The applicants will also sign a commitment during the application stating that they will not leave BES for 3 years.

‘LISTENANCE’ REVIEW

Those who apply for the first time must be in the system for at least 5 years. While people with more than one BES contract are given the right to apply only once, those who have previously received partial payment, except in case of natural disaster, will be required to have at least 5 years from the previous partial payment date to the new application date. In applications made for housing purchases and marriage, if partial payment does not occur or the required documents are not submitted within 2 months, the right to partial payment will be deemed to have been used and 30 percent of the paid amount will be deducted from the state contribution account.

On the other hand, it will be determined that there is no pledge, lien or transfer of receivable agreement in the BES contract. Again, except in case of natural disaster, those who have previously received partial payment will have to pay a contribution of at least five times the monthly minimum wage from the previous partial payment date or participants who will use this right for the first time, from the contract effective date to the deadline.

“OUR PRIORITY IS HEALTH, FIRE, ENGINEERING, RESPONSIBILITY”

It was announced that UNICO Sigorta reached 7.1 billion TL premium production and 1.1 billion TL net profit last year. Stating that this year’s target in premium production is 13.8 billion lira, Unico Sigorta General Manager Ender Güzeler drew attention to the following issues: “We will achieve growth organically. In addition to entering the health branch in the 2024-2025 period, we also want to grow in industrial insurance such as fire and engineering and liability insurance. “We are determined to maintain a stable insurance supply by facilitating access to insurance.”

Ender Güzeler announced that they declared 2024 as the year of “Horizontal Communication, Technological Development”.

“WE PURSUE GROWTH BY CONSIDERING SUSTAINABLE PROFITABILITY”

Koray Erdoğan stated that they increased their market share by approximately 1 point as of the end of February.

RAY Sigorta General Manager Koray Erdoğan stated that the high performance reflected in 2023 will also show itself in the first 2 months of 2024.

Stating that they have achieved an impressive performance in the non-motor branch, which is one of the areas in which they want to grow, especially by considering sustainable profitability, Erdoğan pointed out the following: “We are taking determined and confident steps to be among the top 6 companies in non-life branches.” The company generated premiums of approximately 4 billion lira in the first 2 months of the year, an increase of 138.2 percent compared to the same period last year.