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COMMERCIAL LAW
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- All provisions were attached to a scientific system.
- General provisions regarding insurance agreements were expanded
in a manner that covers all sorts of insurance, and the terms were
defined.
- An obligation to inform and enlighten insurance holders before
the execution of and during the agreement was imposed upon
insurers and their agencies.
- Certain kinds of insurance, such as fire, agriculture, or burglary
insurance were not separately regulated by taking into account the
dynamic and developing structure of insurance law, and general
clauses suitable for each sort of insurance were adopted.
- Liability insurance, which does not exist in the current code, is
quite common in practice, and is of great importance for today’s
insurance business, was regulated.
- Life insurance was realigned in accordance with the new products
developed in the area and with the needs in practice.
Conclusion
It is certain that the New TCC makes fundamental differences in
Turkish commercial law. The knowledge of company law, maritime law,
and insurance law that experts know by heart, is essentially amended and
renewed. As in any law, the New TCC may have its own deficiencies
and parts that need to be developed. These must be tolerated; eventually,
the deficiencies will be removed by taking into consideration the future
needs in practice. Furthermore, the adoption and implementation of the
new provisions, which are designed to be in effect for at least the next 50
years, will take some time. It is not easy to change old habits. However, the
lengthy period of transition provides those active in commerce with the
opportunity to make the necessary preparations. Consequently, I believe
that we must persistently and insistently defend and follow the New TCC.