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NEW FORMULA FOR ACCIDENT INSURANCE
The Turkish Insurance law proposal, which includes amendments to the enforcement and Turkish Bankruptcy Law adopted by the Parliamentary Justice Commission, also updates methods for calculating insurance compensation for road accidents.
According to the new formula, the probability of survival of people and their expected life expectancy will also be taken into account. According to the insurance law amendment added to the proposal by the motion at the preliminary meeting of the commission, the depreciation compensation will take into account the market value of the vehicle, the level of use, the damaged parts and the amount of damage. Lack of support for the continuous total disability of the birth and death statistics in compulsory liability insurance National Life table prepared using the general conditions and determined not to exceed 2 percent in the discount rate will be based on. Damage suffered by vehicles used in terrorist acts and people who ride knowing that these vehicles will be used in these acts will be excluded from insurance coverage in Turkey.
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LIFETIMES
Due to the advance payment of material losses that are likely to occur in the future on the date of calculation, it is aimed to introduce the basis of using the discount rate specified in the general conditions of mandatory financial liability insurance in compensation calculations and to calculate compensation in accordance with the generally accepted actuarial rules with life annuities, which take into account the probability of survival of people and the expected life expectancy.
Spokesman for Turkey Medicals, “living less because our citizens will say that they receive compensation from less insurance? the life expectancy has also extended by 10 years in the last 20 years, so it is necessary to accept this,” was said.
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LESS COMPENSATION
The discount rate of 2 percent will be against the insured, because already currently the insurance companies want, put in the general conditions TRH-2010 1,8. Therefore, insured persons will be able to receive less insurance compensation when the general conditions comply with this law. Insurance and private pension regulation and Supervision Agency President said that the discount rate is calculated according to scientific methods, not arbitrary,“ from here ‘ an arrangement is being made against the insured ’ meaning would not be correct to be removed,” he said.
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IS THE OLD CAR’S DEPRECIATION ZERO?
Giving information about depreciation calculations, the vehicle mileage is higher than 165 thousand, arguing that the depreciation is zero, “very valuable, 1 million, 2 million TL a vehicle, the damage is 300 thousand TL, the mileage is 165 thousand, the depreciation is zero,” he said. “It was in the old formula, with the last regulation, the depreciation of vehicles can be calculated regardless of mileage,” was said in response about the depreciation calculation.
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