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Turkey: Regulator adds surety insurance as permitted nonlife product

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The Turkish Undersecretariat of the Treasury said that it has included surety insurance among the permitted types of nonlife insurance in the country, Asia Insurance Review reports citing Lexology.com.

This means that Turkish insurers now need to have a separate permit from the treasury to provide this type of insurance in the market. Surety insurance is likely to replace performance bonds and bid bonds, Lexology.com reported.

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