Insurance Law

Insurance law is a branch of law that regulates the conduct of insurance transactions, the activities of insurance companies and the rights and obligations of the insured.

It includes issues related to insurance contracts, insurance companies, insureds and the risks subject to insurance. The purpose of the contract is that the insured assumes a certain risk and the insurance company pays a certain premium in return for this risk. In insurance contracts, both the insurance company and the insured have certain rights and obligations. Insurance companies charge a certain premium for assuming the risks specified in insurance contracts. Insureds are obliged to pay this premium. The insured’s obligation to pay the premium continues throughout the duration of the contract.

Insurance transactions make it possible for individuals to foresee possible risks that may occur in their lives and to protect themselves against these risks by providing financial protection against these risks.

Insurance law provides a legal regulation at the level of the state’s ability to provide insurance services to all citizens. Insurance transactions are regulated in such a way that they can only be carried out by insurance companies. For this reason, insurance law regulates many areas such as the conclusion of insurance contracts, the conditions of application, the activities of cigarette companies, the conclusion of gross settlement agreements, subrogation rights and the relations between insurance companies.

Insurance law also regulates the types of insurance. Life insurance, property insurance, accident insurance, fire insurance, water damage insurance and all other types of insurance are covered by these regulations. Provided that it is stated in the insurance contracts, insurance companies cannot renounce the insurance contract or change the terms of the insurance contract without a justifiable reason. Insurance law also protects the rights of the insured. Insured persons have the right to benefit from the services provided by insurance companies. Insurance companies are obliged to respect the rights of the insured and to enforce the insurance contract fairly.

Within the scope of insurance law, the clauses in insurance policies signed between insurance companies and policyholders are very important. Details such as the terms, payment terms, duration of the policy and insurance coverage issues specified in the content of insurance policies are determined in a way to protect the rights of both parties. Therefore, in the event of a dispute between insurance companies and insureds, the content of the insurance policy is very important.

Insurance law has a wide web of relationships between insurance transactions and the insurance contract. For example, an insurance company may, by exercising its rights under the policy, terminate the rights of the insured customer to the insured goods. In this case, the insured customer may, as a rule, have to face the insurance company. Insurance law also covers the resolution of disputes arising from insurance contracts. Disputes between the insured and the insurance company can be resolved through mediation, arbitration, arbitral tribunals or courts.

Mediation is the involvement of an independent third party when there is a dispute between the parties. This third party works to provide a solution based on the decision agreed by both the insurance company and the insured.

Arbitration, unlike mediation, is a more formal process. The parties form a panel of arbitrators who make the final decision. The tribunal examines all the evidence necessary to resolve the dispute and its decision is made by a majority of the tribunal.

Litigation is a method used to resolve insurance disputes as a last resort. This method means taking the dispute between the parties to court and waiting for the court’s final decision.

While insurance law regulates the relationship between insurance companies and policyholders, it is also important for all other parties in the insurance sector. These parties include the regulatory authorities of the insurance sector, insurance intermediaries and reinsurers. The relationships between insurance companies, policyholders, reinsurers and insurance intermediaries are also covered by insurance law.