REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES

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1 REGULATION ON MEASUREMENT AND ASSESSMENT OF CAPITAL REQUIREMENTS OF INSURANCE AND REINSURANCE COMPANIES AND PENSION COMPANIES Official Gazette of Publication: Issued By: Prime Ministry (Undersecretariat of Treasury) PART ONE Objective, Scope, Basis and Definitions Objective and scope ARTICLE 1 (1) The objective of this Regulation is to ensure that insurance and reinsurance companies and pension companies have adequate equity capital to cover losses which may arise due to their existing liabilities and potential risks. (2) This Regulation covers the insurance and reinsurance companies established in Turkey, Turkish branches of foreign insurance and reinsurance companies, and pension companies operating in Turkey. Basis ARTICLE 2 (1) This Regulation has been prepared pursuant to Article 17 of the Insurance Law No and dated 3/6/2007, and Article 26 of the Private Pension Savings and Investment System Law No and dated 28/3/2001. Definitions ARTICLE 3 (1) The following expressions in this Regulation shall have the following respective meanings; a) Gross: Sum including the part assigned to the reinsurer, b) Law: Insurance Law No and Private Pension Savings and Investment System Law No. 4632, c) Outstanding Claims Reserve: Ultimate cost of the claims incurred but not yet paid in previous or current accounting periods, or in case such costs are not approximated yet, it refers to estimated amounts thereof and incurred but not yet reported claims and expenses, ç) Undersecretariat: Undersecretariat of Treasury, d) Net: Sum excluding the part assigned to the reinsurer, e) Company: Insurance and reinsurance companies established in Turkey, Turkish branches of foreign insurance and reinsurance companies established abroad, and pension companies, f) Group: A set of parent and affiliate corporations, which, albeit de jure independent, are related in terms of capital, management and supervision, and of which organization and finance matters are coordinated under a single parent corporation umbrella, regardless of differences in their fields of activities, PART TWO Capital Adequacy, Measures and Notification Equity Capital ARTICLE 4 (1) The equity capital of the company refers to the sum of; a) Paid-up capital, b) Profit reserves, c) Capital reserves,

2 ç) Net profits for the current period and accumulated profits, d) Equalization Reserve, e) Subordinated loans obtained in accordance with Article 5 of this Regulation, minus; f) Loss for the period g) Accumulated losses ğ) The amount calculated by multiplying the paid-up capital of subsidiaries, affiliates, affiliate securities and joint ventures with the share of the parent company in such. (2) The stocks of the company itself shall not be taken into consideration in the equity capital calculations. Subordinated loans ARTICLE 5 (1) Subordinated loans shall be included in the equity capital calculations at a maximum rate of 30% of the equity capital to be calculated regardless of the loan in question. (2) Subordinated loans are those; a) With at least five years until maturity, b) Accepted by the creditors to have a payment priority between the stocks and all other debts in case of the bankruptcy or the liquidation of the company, c) Offered in a lump sum, without any form of direct or indirect collateralization, without a base in any derivative transaction or contract, prohibited in writing from assignment to other businesses, ç) Obtained from persons other than direct or indirect subsidiaries of the company. (3) The contracts regarding the subordinated loans to be utilized are required to specify clearly that no payment of capital other than interest and other expenses shall be made before a period of five years, and that the terms and conditions of sub-paragraphs (a), (b) and (c) are to be observed. (4) In order to include the subordinated loans meeting such requirements in the capital equity calculations, an application for the Undersecretariat's approval shall be made with the original or notarized copy of the loan contract, or in case the contract has not been signed yet, the draft contract, provided that the original copy is submitted after the approval is granted. In case the draft contract submitted thus varies in terms and conditions from the original submitted after the approval so as to remove the subordinated loan status of the credit, the approval granted shall be revoked. In case the interest rates to be applied for such loans are not specified clearly in the contract, and in case the rates are excessively high compared to similar loans, approval may not be granted for the inclusion of loans in the equity capital calculations. (5) After the approval of the Undersecretariat is obtained, subordinated loans meeting the requirements shall be included in the equity capital calculations as of the date the loan is registered on Company books. The Undersecretariat may allow the premature payment of subordinated loans, provided that the minimum limit for equity capital is still met. (6) Subordinated loans with less than five years to expire, which have been approved by the Undersecretariat for inclusion in the equity capital calculations, shall be included in the calculations by deducting 20% per each year for the past five year period. Subordinated loans with less than one year to maturity shall not be taken into account in equity capital calculations. (7) Provided that it is permitted by the Undersecretariat, resources offered as a lien to the company shall also be accepted as subordinated loans, with the condition that they are accepted to have a payment priority between the stocks and all other debts in case of liquidation, without any form of direct or indirect collateralization, without a base in any derivative transaction or contract, warranted in writing by the shareholders for use in capital increases of the company, and no relevant interest shall accrue or be paid. Required equity capital ARTICLE 6 (1) The required amount of equity capital shall be the higher figure among the amounts calculated through the first method mentioned in Article 7, and the second method referred to in Article 8. (2) One third of the required equity capital shall constitute the warranty fund amount.

3 Required equity capital as per the first method ARTICLE 7 (1) Required equity capital as per the first method shall be calculated separately for non-life, life, and pension branches. (2) The required equity capital for non-life branches including health insurance and personal accident insurance shall be the higher figure among those calculated on premium and claims basis. For life branches (for insurances based on survival probability, mortality insurance, mixed insurance, life insurance with premium refund, marriage insurance and non-unit based ones among insurances such as birth insurance and annual income insurance), it shall be the sum of the amounts found for liabilities and risk. The required equity capital amount for the companies engaged in the relevant branch shall be the sum of the results calculated separately for life and non-life branches and pension branch. (3) The required equity capital for non-life branches shall be calculated on the basis of average annual premium or incurred claims for the last three years. However, average incurred claims for the last seven years shall constitute the basis of the calculations regarding credit or agriculture insurances. a) Required Equity Capital on the Basis of Premiums: The amount calculated by multiplying with 50% if the rate of claims assigned to the company has been lower than 50% in the last three-year period, and with the rate of claims assigned to the company if it has been over 50%, the sum of the amounts calculated by multiplying with 18% of the amount up to TRY 95 million and with 16% of the amount exceeding TRY 95 million of the gross net written premiums within the preceding one year period (excluding taxes and duties) minus the cancellations and terminations. b) Required Equity Capital on the Basis of Claims: The sum of the amounts calculated by multiplying with 26% of the first TRY 70 million and with 23% the remainder, after 1/3 or 1/7 is set aside in line with risk groups from the amount to be calculated by adding the last year's outstanding damages reserve (including the one allocated for direct and indirect operations) to gross claims payments within the last three years, minus the claims payments collected through subrogation and the outstanding damages reserve set aside three years ago (seven years for credit and agricultural insurances) excluding the current year; multiplied with 50% if the rate of net claims assigned to the company over the gross claims has been lower than 50% in the last three-year period, and with the rate of net claims assigned to the company over the gross claims if it has been over 50%. (4) Premium and claim rates used in the calculation of the required equity capital levels as per premium and claims may be increased by the Undersecretariat taking into account the annual increase in the Producers Price Index determined by the Turkish Statistical Institute. (5) In case the data for the last three years is not available due to new portfolios acquired, the calculation as per claims of the required equity capital may be carried out by consolidating its own data with that of the company from which the portfolio was acquired. (6) The required equity capital for life branches shall be calculated as follows. a) Required Equity Capital on the Basis of Liability: The amount calculated by multiplying 4% of the sum of the life mathematical reserves (including direct and indirect operations) and unearned premiums reserve set aside for annual life insurances with 85% in case the sum of net mathematical reserves set aside for the past one-year period and net unearned premium reserves set aside for annual life insurances in the past one year period are lower than 85% of the sum of gross mathematical reserves and gross unearned premiums reserve set aside for annual life insurances, and with the said rate, if it is higher than 85%. b) Required Equity Capital on the Basis of Risk: The amount calculated by multiplying the sum of the amounts calculated by multiplying the risk capital calculated by deducting the mathematical reserves and unearned premiums reserve from the amount to be paid to insured in case of death, with; 1) 0.1% in case of a maximum insurance period of three years, 2) 0.15% in case of an insurance period of three to five years, 3) 0.3% in case the insurance period is more than five years, with 50% in case the rate of the total risk capital after the reinsurance assignments in the past one year period over the total risk capital prior to the reinsurance assignments is lower than 50%, and with the said rate if the rate is higher than 50%. (7) The required equity capital amount for the pension branch should be at an amount of 0.75% for the first TRY 250 million accumulated in the personal pension accounts of the participants, 0.50% for

4 the amount between TRY 250 million and TRY 500 million, and 0.25% for the amount exceeding TRY 500 million. Required equity capital as per the second method ARTICLE 8 (1) The required equity capital as per the second method shall take into consideration the asset risk, reinsurance risk, excessive premium increase risk, outstanding claims reserve risk, underwriting risk and exchange rate risk of the Companies. (2) For the calculation of asset risk, the asset items in the balance sheet as of the accounting period shall be multiplied with the following risk factors; a) Safe b) Banks c) Government Debt Instruments (Including Eurobonds) (Financial Assets Excluding Value Loss Reserve) ç) Receivables Concerning the Reverse Repurchase Transactions in Exchange of Government Debt Instruments (Financial Assets Excluding Value Loss Reserve) d) Stocks of the Capital Group of the Company and Other Variable Return Financial Assets e) Other Stocks and Other Variable Return Financial Assets (Financial Assets Excluding Value Loss Reserve) f) Private Sector Bonds g) Mutual Fund Participation Certificates (Type A) ğ) Mutual Fund Participation Certificates (Type B) h) Affiliate Securities, Subsidiaries, Affiliates and Joint Ventures (Excluding Insurance and Reinsurance and Pension Companies) (Excluding Capital Undertakings and Value Loss Reserves) ı) Other Financial Assets i) Credits (To Companies of the Same Group) j) Credits (Other) k) Loans l) Loans (Life) m) Receivables for Insurance and Pension Operations (Net) Collaterals Received (100% of Cash, Deposits, Bank-Guaranteed Credit Card Payments and Government Debt Instruments and 30% of Real Estate) (Excluding the Receivables of Pension Companies from the Depositary Firm within the Framework of Pension Investment Funds) (Excluding the outstanding) Furthermore, in case the time to maturity of the receivable i) is days, ii) is days, iii) is days, iv) is days, v) is more than 360 days, n) Receivables for Reinsurance Activities and Deposits o) Receivables from Relevant Parties ö) Other Receivables (Leasing Receivables, Deposits and Collaterals

5 Offered, Other Miscellaneous Receivables) p) In case of due receivables i) for receivables one month overdue ii) for receivables two months overdue (The rediscount amount shall be subtracted for each receivable within the framework of financial reporting, however the result of the calculation shall under no circumstances be lower than the amount determined as per sub-paragraph m) r) Real Estate for Investment Purposes s) Real Estate for Utilization ş) Other Assets (Stocks Kept to Meet the Requirements of Coming Months and Years, Business Advance, Advances Given to the Employees, Material Assets other than Real Estate, Non-Tangible Assets and Assets other than those above) (3) (This paragraph has been amended by the Regulation published in the Official Gazette dated March 1st, 2009 and No , with effect from ) The calculation of reinsurance risk shall be made on the basis of the total reinsurance premium to be assigned to the reinsurer. The total amount of assigned reinsurance premium shall be multiplied with the risk factor of 0.03 for risks assigned to reinsurers rated with the minimum rating by the rating agencies to be determined by the Undersecretariat, 0.00 for risks assigned to pools in Turkey, and for other ratings. In case the reinsurance companies operating in Turkey fail to get ratings exceeding the country rating, the country rating shall be accepted as A equivalent. However, in case the rates specified in the third paragraph of Article 15 of the Regulation on Financial Structures of Insurance, Reinsurance and Pension Companies published in the Official Gazette No and dated 7/8/2007 are exceeded, the reinsurance premium amount for the exceeding part shall be multiplied with a risk factor of for reinsurers meeting minimum rating requirements, and for others. (4) In the calculation of excessive premium increase risk, in case the rate of increase in the total gross written premium compared to the previous year is higher than 10% of the industry-wide increase for compulsory traffic insurance, and 50% of the industry-wide increase in other branches, the exceeding portion shall be subject to a risk factor of 0.2. The Undersecretariat may lower this rate for branches with particular characteristics. This risk shall be considered as zero for the year in which the activities of a new company has commenced. The industry-wide increase rates for life and non-life branches and compulsory traffic insurance shall be announced by the Undersecretariat as of accounting periods. (5) In calculating the outstanding claims reserve risk, the following risk factors shall be applied to the cumulative net outstanding claims reserve amount for the accounting period in question, as per the branches; a) Accident b) Sickness/Health c) Land Vehicles ç) Railway Rolling Stock d) Aircraft e) Ships f) Goods on Transit g) Fire and Natural Disasters ğ) Other Damage to Property h) Land Vehicles Liability ı) Aircraft Liability i) Liability for Ships j) General Liability k) Credit l) Suretyship m) Miscellaneous Financial Loss n) Legal Expenses o) Assistance 0.050

6 ö) Life (6) In calculating the underwriting risk, the premiums assigned to the reinsurer for proportional reinsurance, if any, shall be subtracted from the gross written premiums taken into consideration for each branch for the last 12 months as of the accounting periods, and the remainder shall be subjected to the following risk factors; a) Accident b) Sickness/Health c) Land Vehicles ç) Railway Rolling Stock d) Aircraft e) Ships f) Goods on Transit g) Fire and Natural Disasters ğ) Other Damage to Property h) Land Vehicles Liability ı) Aircraft Liability i) Liability for Ships j) General Liability k) Credit l) Suretyship m) Miscellaneous Financial Loss n) Legal Expenses o) Assistance ö) Life (7) In order to calculate exchange rate risk for all foreign currency assets and liabilities of companies, total foreign currency assets and liabilities shall be calculated by determining their equivalents in Turkish Liras by multiplying each currency included in assets and liabilities accounts with the currency buying rate of the Central Bank of Turkey as of the end of the accounting period, and the absolute difference among the total assets and liabilities shall be multiplied with a risk factor of (8) The sum of the assets risk, reinsurance risk, excessive premium increase risk, outstanding claims reserve risk, underwriting risk and exchange rate risk shall be equal to the required equity capital amount as per the second method. (9) The valuation of the real estate included in the collaterals received in relation with the receivables specified in sub-paragraph (m) of the second paragraph of this Article shall be based on the reports by companies providing valuation services within the framework of capital markets regulations. Administrative measures ARTICLE 9 (1) The equity capital of companies calculated as per Article 4 should not be less than the required equity capital amount calculated as per Article 6. In case it is, a payment plan along with the capital adequacy tables specified in Article 10 should be submitted to the Undersecretariat, and the deficit capital should be covered before the end of the current year. However, taking the financial structure of the Company into consideration, the Undersecretariat may demand the covering of the deficit capital within a shorter period, or the submission of a new payment plan. (2) In cases where the payment plan is not submitted, or the submitted plan is not approved by the Undersecretariat, or the plan is not observed, or in case the equity capital falls below the minimum warranty fund level, Article 20 of Insurance Law No and Article 14 of Private Pension Savings and Investment System Law shall apply. Notification ARTICLE 10 (1) The companies shall prepare twice per year in June and December the capital adequacy statement as per the form and content to be determined by the Undersecretariat, and send such to the

7 Undersecretariat within 2 months following the said periods. (2) A new capital requirement assessment is required following the payments of the dividend for the period after tax reserves, and in case a capital deficit is discovered, the new payment plan along with the new capital adequacy table is required to be submitted to the Undersecretariat within 25 days. PART THREE Miscellaneous and Final Provisions Regulation abolished ARTICLE 11 (1) The Regulation on Measurement and Assessment of Capital Requirements of Insurance and Reinsurance Companies published in the Official Gazette No and dated 23/3/2006 has been abolished. Excessive premium increase risk for compulsory traffic insurance PROVISIONAL ARTICLE 1 (1) Excessive premium increase rate determined for compulsory traffic insurance specified in the fourth paragraph of Article 8 of the Regulation shall apply for years 2008 and 2009, while the increase rate applied for other branches shall be taken into consideration for other years. Gradual transition regarding the reinsurance risk PROVISIONAL ARTICLE 2 (This article has been added by the Regulation published in the Official Gazette dated March 1st, 2009 and No , with effect from )(1) Reinsurance risk results specified in the third paragraph of Article 8 of this Regulation, obtained by making use of factors related to the exceeding of the rates specified in the third paragraph of Article 15 of the Regulation on Financial Structures of Insurance and Reinsurance Companies and Pension Companies shall apply at a rate of 50% for the statements dated 31/12/2008. Entry into Force ARTICLE 12 (1) This Regulation shall enter into force on the date of its publication, with effect from 31/12/2007. Enforcement ARTICLE 13 (1) The provisions of this Regulation shall be executed by the Minister in charge of the Undersecretariat of Treasury.

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