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be paid until the end of the year following the relevant fiscal period.
Brokers shall not be allowed to make dividend distributions so as to
cause a decrease in the equity, below the amounts specified above.
General Managers and Deputy General Managers
The New Regulation requires brokers to employ deputy-general
managers who are accountable for matters related to insurance or
insurance techniques, and introduces several mandatory features for
such, together with the general managers. According to the relevant
article, general managers and deputy general managers shall be resi-
dent in Turkey, as was required before. The requirements as to the edu-
cational background and professional experience of such persons are
set forth below:
General managers who are university graduates and have a major
in insurance related areas are required to have 5 years of professional
experience; whereas other graduate general managers having a major
in other areas are required to have 7 years of professional experience.
For deputy general managers, these terms are 2 years and 5 years,
respectively.
Technical Personnel
Brokers are required to employ a sufficient number of technical
personnel in relation to the branches in which such broker is engaged.
A novelty brought by the New Regulation for technical personnel is
being subject to an examination that shall be arranged by the Insurance
Training Center. In addition, brokers are obliged to notify the Treasury
of the hiring of technical personnel within fifteen business days as of
the start date of the employment in order to designate a registration
number, and identification card, which shall be then registered in the
Insurance and Reinsurance Brokers Information System.
Physical, Technical and Administrative Infrastructure
The Former Regulation set forth that legal entity brokers were
required to be adequate in terms of physical, technical and administra-
tive infrastructure and human resources, yet did not regulate any spe-
cific conditions. With the New Regulation, in order for the brokerage
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