Turkish Insurance News

Servet Gürkan; The end of a film, Koru Insurance Cooperative

Servet Gürkan; The end of a film, Koru Insurance Cooperative
06 Aralık 2017 - 20:50


Has always been on the agenda as one of my “innovation” priorities in my life. I can give many examples of initiatives in this direction. a three-part pot project that you can cook / heat 3 different meals at the same time I made in my student years, a self-alarming plastic window project (especially to prevent children from falling from high windows), a fishematic project (kiosk / ATM device sold policy), poultry animal insurance project, bail insurance and the acceptance of this as a guarantee, the project to bring insurance obligations to companies listed on the stock exchange, the care insurances project for the disabled etc.

The most recent innovative project was the Cooperative (Mutual) Insurance company. We went out with great enthusiasm and great purposes. Mutual / cooperative insurance company, which is one of the thousands in the world, has not started in Turkey because of this reason. I would like to point out that many of the leading insurance companies in the world, including the groupama, Mapfre, and Liberty, are all in the form of cooperative companies. Under secretariat of Treasury and Customs Trade Ministry were very interested in this project and gave great support. on this basis that the co-operative insurance legislation that is not available in our country will be prepared. According to the law, we first established a cooperative with 200 partners and named SS KORU SİGORTA COOPERATIVE. To protect people from the harm of their disasters. SS at the beginning of the “Limited Responsibility” expressed.

After two years of long work, the cooperative got insurance license in 2011. The most important difference of cooperatives from companies was that they did not have capital. because in his main contract he writes “variable partnership, with variable capital” and each partner can be partners with a minimum of 100 TL and a maximum of 500.000 TL according to the law. but the problem was that the partner with a capital share of 500,000 TL and a capital share of 100 TL had the same voting right in the cooperative general assembly, that is, the principle of equality. Of course, in this case no one wanted to get 500,000 TL. the cooperative, which was the only compulsory traffic insurance branch of the most harmful branch of the cooperative, which was allowed to sell policies only to its partners, could not catch any desired development.

Also the concept of a company without capital could not be accepted anyhow. The required legislation could not be made one of the problems was that the cooperative insurance company was to be controlled and managed by two separate laws (Cooperatives Act / Insurance Supervision Act) and two separate ministries (Ministry of Customs and Trade / Treasury Under secretariat). Another important risk was the risk that the co-operatives would be seized by unfavourable persons in the general assembly.

The Under secretariat of Treasury issued an order to transform the cooperative into a joint stock company. The Ministry of Customs and Trade also approved and approved this decision. the SS Koru Insurance Cooperative will no longer be able to live as a co-operative, become a joint stock company, and the necessary capital needs will be met by the company partners, which is not possible or will be transferred to an investor. in the absence of these, the licenses would be cancelled and transferred to the company guarantee fund.

All the material and spiritual relations with the Koru Insurance Cooperative

All of these things like a father who has to leave the child when he comes to the SS KORU SİGORTA COOPERATIVE with all the material spiritual relations cut. For the first few days, I spent a lot of time and money in this significant amount of time, and I was sad for the negative result, but there was nothing I could do, I absolutely admit it. An important project was disappearing. I now focus on my core business. SS Koru Insurance cooperative will always live as a bitter experience in my memoirs. But I firmly believe that co-operative insurance will become widespread in our country in the future and will lead to the formation of great savings and the development of insurance. I will always carry the pride of being the first stone on this road.