Expert Delays: A New Regime for Insurance Firms

If an insurance company assigns an expert within the time specified in the legislation and the expert report is delayed for reasons beyond their control, the claim of a dispute will be deemed non-existent when recorded through the Insurance Information and Supervision Center (SBM) systems.

Legal Framework

■The SBM’s new guideline mandates that expert reports be submitted within 48 hours after assignment.

■In case of delay, the insurance company cannot file a dispute claim.

■This regulation will take effect in 2024 and be fully implemented by the start of 2025.

Operational Implications

■The need for automation in the expert assignment process will increase, driving IT infrastructure investments.

■Companies will develop new expert supply chain models to mitigate delay risks.

■Customer satisfaction scores will be directly linked to report timeliness.

Market Reaction

■On the Istanbul Stock Exchange, insurance stocks fell 2% following the announcement.

■Investors are increasingly skeptical about risk premiums and premium growth rates.

■The sector will devise new strategies to maintain the balance between insurance premiums and claim payouts.

Forward‑Looking Risks

■Delayed expert reports could create a transparency gap across the entire insurance sector.

■Non‑compliance with regulations might heighten the licensing risk for insurers.

■As the industry accelerates its digital transformation, cybersecurity vulnerabilities may also surface.

Markets anticipate that the new regulation will intensify competition within the insurance sector and lead to more transparent premium setting in the long run. Companies must adapt swiftly to ensure compliance and maintain customer trust.