Sixth Book of the Turkish Commercial Code is called “Insurance Law” and the articles related to the insurance law are between 1401 and 1520. The article No. 1401 defines that an insurance contract is “ a contract under which the insurer promises, in exchange for a premium, to indemnify a loss caused by the materialisation of the danger (risk) having the consequence of harming the interest, measurable by Money, of the concerned person or to effect payment or to fulfil other performances based on the lifetime or upon the occurence of certain events in the course of the lifetime of one or several persons.
TURKISH INSURANCE LAW
There is also the Insurance Law No.5648 in Turkish law. An Insurance Arbitration Commission was established within the Insurance Association of Turkey in order to settle the disputes arising from the insurance contract according to the article 30 of the Law No.5648. A person who is in conflict with the member establishments of the insurance arbitration system may benefit from the arbitration procedure instead of filing a lawsuit before the courts. If the amount of the dispute is over 40.000 TL (Turkish liras) the parties may appeal with the Court of Cassation. If the amount of the dispute is under 40.000 TL the arbitration award shall be final and binding.
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