The Undersecretariat of the Treasury (UT) is the main regulatory body in Turkey with respect to state supervision on insurance and reinsurance activities. The UT supervises the insurance and reinsurance companies through two agencies: the Insurance Supervisory Board (ISB) and the General Directorate of Insurance (GD). Insurance Law No. 5684 (Insurance Law) and the Law Concerning the Organisation and Duties of the Undersecretariat of the Treasury No. 4059 set out the organisation and duties of the ISB and the GD. The ISB, according to article 28 of the Insurance Law, is the main regulatory agency responsible for regulating insurance and reinsurance companies in Turkey. The ISB is responsible for the supervision of all insurance operations in accordance with their special laws, insurance and reinsurance intermediaries, loss-adjusting activities, actuaries and other persons operating in the insurance sector.

In parallel with the rapid growth in the Turkish insurance sector, there have been major changes to the Turkish insurance legislation in the last few years. The Insurance Supervision Law which regulated insurance activities for 47 years has been replaced with Insurance Law No. 5684 (the Insurance Law) in 3 June 2007. In addition to the Insurance Law, there are specific pieces of legislation regulating the activities of individual professions in insurance industry (e.g. brokers, loss adjusters, etc.) and different types of insurance (e.g. life insurance, reinsurance, etc.).