REGULATION ON WORKING PRINCIPLES AND PROCEDURES OF THE AGRICULTURAL INSURANCE POOL

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1 REGULATION ON WORKING PRINCIPLES AND PROCEDURES OF THE AGRICULTURAL INSURANCE POOL Official Gazette of Publication: Issued by: State Ministry and Ministry of Agriculture and Rural Affairs PART ONE Objective, Scope, Basis and Definitions Objective ARTICLE 1 (1) The objective of this Regulation is to determine the working principles and procedures of the Agricultural Insurance Pool founded as per the provisions of the Agricultural Insurance Law No and dated 14/6/2005. Scope ARTICLE 2 (1) This Regulation covers the principles and procedures relating to the foundation of the Pool, risks to be covered by the Pool, incomes and expenses of the Pool, premium and excess of loss subsidies, loss adjusting and risk inspection arrangements, compilation of data, risk analysis, collection of premiums by insurance companies, conduct of studies related with premium subsidy, relevant payments for damages, provision of reinsurance coverage, development, expansion, monitoring of agricultural insurances and conduct of other technical services related with agricultural insurances, and activity and supervision of the company which has undertaken the operation of the Pool. Basis ARTICLE 3 (1) This Regulation has been prepared pursuant to Articles 4 and 18 of the Agricultural Insurance Law No Definitions ARTICLE 4 (1) The following expressions in this Regulation shall have the following respective meanings; a) Ministry: Ministry of Agriculture and Rural Affairs, b) Livestock: Bovine animals, ovine animals, poultry and aquaculture products, c) Farmer registration system: Database where agricultural information for farmers is kept within the Ministry, ç)pool: Agricultural Insurance Pool, d) Pool loss adjuster: Persons who hold Agricultural Insurance Pool Loss Adjusting Training Certificate, and who are registered in the Agricultural Insurance Pool Loss Adjusting Register within the Undersecretariat, and who can conduct risk inspection and loss adjusting in the field of agricultural insurances, e) Law: Agricultural Insurance Law No and dated 14/6/2005, f) Board: Board of Directors of the Agricultural Insurance Pool, g) Undersecretariat: Undersecretariat of Treasury, ğ) Insurance company: Insurance companies which are operating in the agricultural insurance branch and which are partners with the operating company, as per the Insurance Supervision Law No.7397, h) Company: Company which has undertaken the operation of the Pool, ı) Agricultural insurances: Insurances included in the scope of Agricultural Insurance Law No. 5363, i) Producer: Real or legal persons, with the exclusion of public entities with legal personality, who are registered in the farmer registration system of the Ministry and will benefit from the premium subsidy.

2 PART TWO Establishment, Duties, Powers and Responsibilities of the Pool and the Board Pool ARTICLE 5 (1) The Pool has been founded in order to cover the risks in the scope of the Law, to determine standard insurance policies, to conduct loss arrangements, actuarial studies, payments for damages, to provide reinsurance coverage and to develop, expand and monitor the agricultural insurances, and to conduct other technical services. (2) The headquarter of the Pool is located in Istanbul. (3) The Pool shall be operated by the company specified in Article 13 of this Regulation. If deemed necessary by the Board, the company shall open an office in Ankara. Resources of the Pool ARTICLE 6 (1) Resources of the Pool are as follows: a) premiums transferred by insurance companies. b) premium subsidy provided by the State. c) investment revenues of the collected sources. ç) credits. d) contributions from the general budget. e) other incomes. (2) Incomes of the Pool are exempt from all kinds of taxes, duties and levies. Utilization areas for the resources of the Pool ARTICLE 7 (1) Expenditures of the Pool are as follows: a) agricultural insurance damage payments. b) expenses necessary for the management and operation of the Pool. c) payments related with the protection to be provided from reinsurance, capital and similar markets. ç) commissions to be paid to insurance companies. d) payments for information and promotion campaigns. e) payments related with risk inspection and loss adjusting procedures. f) capital and interest repayments of the loans taken. g) operating cost to be paid to the operator company of the Pool. ğ) other payments to be made as per the Law, and in line with the purposes of this Regulation. Board ARTICLE 8 (1) The management and representation organ of the Pool is the Board. The Board shall comprise a total of seven members including two members each from the Ministry and the Undersecretariat, and one member each from the Association of the Insurance and Reinsurance Companies of Turkey, the Union of Turkish Chambers of Agriculture, and the operator company. (2) The Board Chairman shall be assigned by the Minister of Agriculture and Rural Affairs from among the Ministry representatives. The civil servants who shall be assigned by the Ministry and the Undersecretariat as the Board members should have a minimum work experience of ten years in public service, the representatives from the Ministry should have knowledge and experience in the fields of agricultural risks and natural disasters, and the representatives from the Undersecretariat should have knowledge and experience in the field of insurance. Other members should have at least ten years of professional experience in their relevant fields. Furthermore, the Board members should meet the qualifications specified in paragraph (A) of the Article 48 of the Civil Servants Law No (3) The persons who will be assigned in the Board representing the relevant institutions shall be notified by the relevant institutions to the Ministry in writing. (4) The Board members shall be assigned by the Minister of Agriculture and Rural Affairs. The

3 subsequent appointments shall be made as per the same procedure within one month after leaving the office. Duties and responsibilities of the Board ARTICLE 9 (1) The duties and responsibilities of the Board are as follows: a) to determine the implementation principles regarding the operation of the Pool. b) to conduct studies in order to determine the premium subsidy ratio on product, risk, region and operation basis, provided that it does not exceed the total State premium subsidy amount given for the Budget year, and to submit it to the Ministry. c) to prepare tariffs for the risks, products and regions included in the subsidy scope, and to determine the final application dates for acceptance for insurance, to detect the problems encountered in the implementation, to conduct studies for the resolution of those problems, and to ensure that such studies are conducted. ç) to make decisions to procure services in matters falling in the scope of duty. d) to determine the principles and procedures relating to loss adjusting operations and payments relating to the loss adjusting operations. e) to conclude contract with insurance companies which want to operate in the branch of agricultural insurances within the scope of this Regulation. f) to sign a contract determining the working principles and procedures with the operator company of the Pool. g) to determine the amount of operating cost to be paid to the operator company. ğ) to determine the amount of commission to be paid to insurance companies. (2) The implementation of the resolutions made by the Board and the secretariat services for the Board shall be conducted by the company. Convening procedure for the Board ARTICLE 10 (1) The Board shall convene with the attendance of at least five members, and the resolutions shall be made by a majority vote. The Board shall convene at least once a month upon the call of the Board Chairman, or extraordinarily with the recommendation of at least three board members. The Board members may not cast abstaining votes. In case of a tie in votes, the majority shall be determined by the vote of the Chairman. (2) The membership status of the members who fail to attend three consequent meetings without a legitimate excuse such as travelling or sickness, or without reporting such legitimate excuse, or who fail to attend one third of the meetings to be held in a given year regardless of the existence of a legitimate excuse shall be terminated by the Ministry, with the recommendation of the Board Chairman, and shall be replaced as per the procedures in Article 8. Board member's term of office ARTICLE 11 (1) The Board members shall serve for a period of three years. Those whose terms have ended may be assigned again. If the members who are assigned at the Board leave office, or are withdrawn by, the institutions they represent, their memberships shall cease. The new members who are assigned to replace those members shall complete the remaining term. Fees to be paid to Board members ARTICLE 12 (1) Provided that it does not exceed four times within a given month, those Board members who are holders of public office are paid a meeting fee from the Pool resources, in the amount found by multiplying the indicator figure 2000 for each meeting day with monthly coefficient applied for civil servants, and for those who are not holders of public office, by multiplying the indicator figure 3000 for each meeting day with the monthly coefficient applied for civil servants.

4 PART THREE Duties, Powers and Responsibilities of the Company and the Insurance Companies Company ARTICLE 13 (1) The works and procedures related with the operation of the Pool shall be carried out by the company which will be founded in the status of a joint stock company, where the insurance companies taking part in the Pool will have equal shares. (2)Those companies which hold a licence in the branch of agricultural insurances or those companies that will obtain a licence after the publication date of this Regulation from among insurance companies which want to operate within the scope of the Law should have equal shares with other companies in the operator company. In order to ensure that shareholding is maintained, the insurance companies which are existing shareholders should provide shares to the companies to be a part of the Pool as indicated in the articles of association of the company. Articles of association ARTICLE 14 (1)The articles of association of the company should be prepared as per the provisions of the Law. The articles of association to be prepared shall be presented to the approval of the Undersecretariat. (2) The approval of the Undersecretariat shall be sought in the amendment of the articles of association of the company. If not deemed suitable by the Undersecretariat, the proposed amendments shall not be included in the agenda of the general assembly of the company and discussed. The Registrar shall not register the amendment of the articles of association in the trade register without the approval of the Undersecretariat. Organization ARTICLE 15 (1) The members of the board of directors, auditor, general manager, assistant general managers and persons who have signing power should have the qualifications specified in section (b) of the second paragraph of Article 2 of the Insurance Supervision Law No and dated 21/12/1959. (2) Members of the board of directors, auditor, general manager, and assistant general managers should have the qualifications specified in the third, fourth and fifth paragraphs of Article 4 of the Law No in addition to the conditions specified in the first paragraph. (3) Those who are appointed as members of the board of directors and auditors shall be notified to the Undersecretariat within one month as from the date they take office with a certificate indicating that they meet the qualifications specified in the first paragraph. The opinion of the Undersecretariat shall be sought prior to the appointment of general manager and assistant general managers of the company. The opinion of the Ministry shall be sought as well for those who will be appointed as an assistant manager. Share acquisition, merger and transfer ARTICLE 16 (1) The acquisition of the company shares by a real or legal person, merger of the company with another legal person, its transfer to a legal person with its assets and liabilities shall be subject to the authorization by the Undersecretariat. Operating cost ARTICLE 17 (1) The Pool shall pay the company a monthly operating cost based on the annual total premiums transferred to the Pool account, including the state premium subsidy after the terminations and cancellations are deducted. (2) The operating cost to be determined by the Board shall not be more than the following rates: a) 6% for 0-50 million TRY,

5 b) 5% for million TRY, c) 4% for million TRY, d) 3% for million TRY, e) 1% for over 300 million TRY. 3) A fixed operating cost to be determined by the Board may be paid in the first year the Pool started operation without being subject to the procedures specified in the second paragraph. Annual report and financial statements ARTICLE 18 (1) The company shall notify the activities conducted within the scope of the Law to the Ministry and the Undersecretariat with an annual report until the end of April following the fiscal year. (2) The company shall be obliged to submit to the Ministry and the Undersecretariat the copies of the balance-sheet and profit and loss statements approved by the auditors along with the copies of the reports of the board of directors of the company and auditors. Acquisitions and investments ARTICLE 19 (1) The resources of the Pool shall be invested by the company on behalf of the Pool primarily in Treasury bonds and public debenture. No properties may be acquired with the Pool resources other than what is required by the Pool. (2) The ownership of the properties acquired by the Pool resources shall belong to the Pool. (3) The company shall take the necessary measures to ensure that the properties, securities, software, hardware and cash assets of the Pool are protected and monitored. (4) The Company shall be obliged to protect the rights and interests of the Pool when making procurements and investments on behalf of the Pool. Duties and responsibilities of the Company ARTICLE 20 (1) The duties and responsibilities of the company as per the principles and procedures to be determined by the Board are as follows: a) to conduct all studies and arrangements regarding loss adjusting operations which will set the basis for payment of damages, and to ensure that the payments of damages are made in the shortest time possible. b) to conduct works related with the implementation of risk sharing and transfer and the reinsurance plan, and to present the risk sharing and reinsurance program to the approval of the Board. c) to conduct the secretarial services related with the enforcement of the resolutions made by the Board, and the duties of the Board. ç) to collect premiums from the insurance companies on behalf of the Pool, to carry out the necessary procedures for the premium receivables that are not transferred to the Pool in a timely manner, and to inform the Board. d) to inform the producers about agricultural insurances, to conduct public relations and promotion campaigns. e) to generate statistical information related with agricultural insurances as per general provisions, and to prepare a report for the Board. f) to direct the Pool resources to investment in line with the determined principles and rules. g) to make recommendations to the Board in matters deemed necessary to ensure that the Pool matters are conducted in a sound manner. ğ) to monitor the Pool related income and expenses, and all accounts and procedures, in special and separate accounts. h) to carry out all works and operations related with the functioning of the Pool. (2)The company shall be responsible towards the Ministry, the Undersecretariat and the Board for the conduct of the Pool affairs in the best manner possible observing the interests of the Pool. (3) The company may not disclose to third parties due to any reason whatsoever the information it has acquired through the Law, and its duties within the scope of this Regulation. (4) It is obligatory to store the Pool related written correspondence and documents in a suitable

6 manner. In case the activities of the Company are ceased, and in case of winding up or bankruptcy; the company shall continue to carry out its duties until a contract is made with a new company by the Board. In this case, it shall return to the Board all the information and documents within the scope of the Law and this Regulation. (5) The company may not deal with duties other than those specified in the Law and this Regulation. The company may undertake expenses within the scope of its powers specified in the contract to be signed with the Pool. The monthly expenses to be made by the company on behalf of the Pool shall be submitted to the Board within the following month. Reinsurance and retrocession ARTICLE 21 (1) In order to ensure proper and adequate protection from national and international insurance, reinsurance, capital and similar markets as required by insurance techniques with the purpose of transferring the risks assumed by the Pool, the company shall convey to the Undersecretariat the copies of reinsurance agreements executed with local or foreign entities on behalf of the Pool at the latest within 15 days from the date the agreement is signed. (2) The retrocession demands submitted to the Pool by the insurance companies at the latest until November 1, of the current year for the following year should be notified by the company to the Undersecretariat at the latest until December 1, by issuing separate charts for each insurance company. A separate date may be determined by the Board for the retrocession demands to be received during the first year of the operation of the Pool. (3) The Undersecretariat shall determine the rules regarding which insurance companies are able to receive retrocession. Rights and liabilities of insurance companies ARTICLE 22 (1) The rights and liabilities of the insurance companies are as follows: a) to comply with the decisions made by the Board, and to fulfil them. b) to provide a fixed coverage of 100,000 TRY (one hundred thousand TRY) to the Pool based on the coverage types to be determined by the Board for the first year in return for the premium debts, and an additional coverage of 15% depending on the premium transferred to the Pool in the previous year, for the subsequent years. c) to transfer to the Pool the premiums required to be collected in the relevant month, at the latest by the evening of the 20th day of the following month, as per the principles and procedures set forth in line with the Board resolutions. (2) The premiums that are not transferred to the Pool by the insurance companies in time shall primarily be collected by the Company by converting the coverage into cash. Out of the premiums not transferred in due time, the portion exceeding the coverage shall be collected according to the provisions of the Law on Method of Collection of the Public Receivables No (3) The insurance companies shall conclude the agricultural insurances contracts on their behalf, and transfer the entire premium and risk to the Pool. The insurance transactions shall be made through online system based on the standard policies specified by the Board. (4) The Pool shall be entitled to retrocede the risks it has assumed. The insurance companies shall notify their retrocession requests for the following year to the Company at the latest by November 1 of the current year. In case sufficient retrocession coverage can not obtained based on the damage estimate to be calculated by the Pool, the State participates to the remaining portion. In case the sum of the shares of the insurance companies is above one hundred per cent (100%), the share of each insurance company shall be reduced on a pro rata basis until the total rate reaches one hundred per cent (100%). (5) The insurance companies may not transfer to the Pool the amount that has been transferred to them by retrocession. Termination of insurance companies contracts with the Pool ARTICLE 23 (1) The contracts of the insurance companies which fail to comply with the legislation and the Board

7 resolutions shall be terminated, and they shall be removed from the Pool. The insurance companies removed from the Pool in this manner may not transfer business to the Pool. The departing insurance company is bound by its commitments and obligations arising from the company contract throughout the period the contract with the Pool is valid, and until the expiry of the contracts executed. PART FOUR Risks and Loss Adjusting Operations Risks to be covered by the Pool ARTICLE 24 (1) The coverage for plants, crops and greenhouses, agricultural buildings, agricultural equipment and machineries as well as damages caused by drought, hail, frost, flood, groundwater floods, storms, whirlwinds, earthquakes, landslides, fires, accidents, pests for the livestock and damages caused by animal diseases and/or other risks considered important for agriculture sector shall be determined by the Council of the Ministers upon the proposal of the Board. Pool s loss adjusters and training ARTICLE 25 (1) The training of the Pool loss adjusters who shall take part in the risk inspection and loss adjusting arrangements that shall be conducted as per the principles and procedures to be determined by the Board pursuant to the loss adjusting procedures set forth in the scope of the Law shall be carried out in cooperation with the Company, under the coordination of the Ministry. Those who succeed after the training shall apply to get registered in the Pool Loss Adjusting Register within the Undersecretariat with the Agricultural Insurance Pool Loss Adjusting Training Certificate to be issued by the Ministry, and below documents: a) a copy of the identity card. b) a notarized copy of the education certificate. c) certificate of residence issued not more than six months ago. ç) criminal record issued not more than six months ago and including archive records as well. d) documents indicating that the relevant parties are not bankrupt or have not declared bankruptcy. e) five passport size photographs taken within the last six months. (2) Those who complete the necessary documents and are registered in the Register specified in the first paragraph shall be issued Agricultural Insurance Pool Loss Adjusting Certificate by the Undersecretariat. (3) Those who are registered in Register may take part in risk inspection and loss adjusting operations within the scope of agricultural insurances as per the 3rd and 4th paragraphs of Article 38 of the Law No (4) Prior to being accepted for insurance, the risk inspection operation for the livestock shall be carried out by veterinary surgeons and zootechnician agricultural engineers, and loss adjusting operation for the insured livestock shall be carried out by veterinary surgeons. (5) Loss adjusting operation for plants and crops shall primarily be carried out by agricultural engineers, and in case agricultural engineers are not available, by agricultural technicians. (6) If there are hesitations related with the risk inspection and loss adjusting operations, those hesitations shall be settled by the Board. PART FIVE Duties of the Ministry and State Subsidy Duties and powers of the Ministry ARTICLE 26 (1) The duties and powers of the Ministry are as follows: a) to take the necessary measures for the development and expansion of agricultural insurance, to provide publications, trainings and seminars, and to cooperate with the Pool and the Company to this end.

8 b) to hold trainings in loss adjusting in cooperation with the company, and to issue certificates related with those trainings. c) to monitor that damage payments, incomes and expenses of the Pool as well as studies regarding the work and functioning of the Pool are carried out in a correct and proper manner. ç) to transfer the state premium subsidy to the bank account of the Pool. d) to prepare plans for the premium subsidy to be provided based on the products, risks, regions and operation scales, and present them to the approval of the Council of Ministers. e) to perform other duties assigned by the Law and this Regulation. Premium subsidy ARTICLE 27 (1) The premium subsidy amounts to be provided by the State based on products, risks, regions and operation scales shall be determined by the Council of Ministers every year upon the proposal of the Ministry. (2) The allowance for premium subsidies shall be included in the budget of the Ministry every year with the budget law. (3) The Ministry shall transfer to the Pool account the total premium subsidy to be provided by the State by taking into account the registrations in the farmer registration system and other registrations in the Ministry, pursuant to the standard policies to be issued by the insurance companies for the risks covered in the Pool database in line with the Resolution of the Council of Ministers. (4) Other principles related with the premium subsidy shall be determined by the Board resolution. Subsidy for excess of loss ARTICLE 28 (1) In case the protection provided from the national and international market for the purpose of transferring the risks assumed by the Pool is not deemed sufficient, the portion to be determined by the Council of Ministers shall be committed by the State. (2) The principles and procedures for the subsidy for excess of loss to be committed by the State shall be determined by the Board resolution. They shall be sent to the Council of Ministers by the Ministry upon the proposal of the Board. Assistance and postponing debts ARTICLE 29 (1) Within the scope of this Regulation, producers who do not take out an agricultural insurance for the risks in the year of implementation may not benefit from the Law on Assistance to be Provided to Farmers Affected by Natural Disasters No and dated 20/6/1977. (2) The assistance for risks, crops and regions other than risks, regions and crops identified by the resolution of the Council of Ministers may be provided within the scope of the Law No PART SIX Miscellaneous and Final Provisions Supervision ARTICLE 30 (1) The insurance practices of the Pool and the company are supervised by the Undersecretariat, and all other operations are supervised by the Ministry. Regulation power ARTICLE 31 (1) The Ministry and the Undersecretariat are authorized to make any sub-arrangements to ensure that this Regulation is implemented. (2) For principles not included in this Regulation, the relevant legislation in force, the Board resolutions and provisions of the contract to be signed with the Board shall be applied.

9 Regulation abolished ARTICLE 32 (1) The Regulation on Working Principles and Procedures of the Agricultural Insurance Pool published in the Official Gazette No and dated 22/9/2005 has been abolished. Entry into Force ARTICLE 33 (1) This Regulation shall enter into force on the date of its publication. Enforcement ARTICLE 34 (1) The provisions of this Regulation shall be executed by the Minister in charge of the Undersecretariat of Treasury and the Minister of Agriculture and Rural Affairs.

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