Insurance and Private Pension

The Turkish insurance industry has undergone serious changes in the last years and has progressed significantly to comply with the European Union and the global practices in relation to conversion to IFRS, Solvency II, developments in corporate governance and internal systems, changes made in technical reserve calculations that influence financial reporting to a great extent.

The developments in question are indicators of the growth potential of the sector, which also herald that the insurance industry will gain more importance in financial markets, while intra-market competition will heat up even more. The business environment which bears a great deal of opportunities and risks, necessitates professional consultancy services which are performed with a business partner approach and which include value creating solutions.

The quest for solutions caused by both the fact that the present social insurance system cannot provide adequate services for people, and the burden brought on the public budget due to the system has led to the adoption of the private pension fund system, which has been implemented in a wide range of developing countries, and the enactment of the Law on “Private Pension Savings, and Investment System”. The participants of the pension system have commenced to become eligible for retirement.

How can PwC Turkey help you?

PwC Turkey provides below versatile services and solutions with our specialised and experienced team focusing on Insurance and Pension firms:

• Independent external audit services,
• Tax consultancy and full certification services in accordance with the insurance legislation,
• Consultancy and technical support regarding internal control, internal audit and risk management systems compliant with Internal Systems Directive,
• Security analysis, project management, management of risks associated with implementation, controls optimization during establishment, development and change of IT systems,
• Consultancy services regarding IT governance structure, IT audit,
• Advisory services regarding mergers and acquisitions,
• Advisory services related to finance, tax, legal and regulatory issues for companies at the establishment (start-up) phase,
• Technical support and advisory services for companies in the preparation of accounts in compliance with International Financial Reporting Standards and also American and European standards
• Special reviews and advisory services in accordance with the legal regulation regarding technical provisions,
• Consultancy services regarding Solvency II such as diagnostic analysis of the firms, development of the road map for compliance and support for QIS 5,
• Special training programmes in line with the requirements of companies for Solvency II, accounting, internal systems and tax.