Arex Sigorta has issued a statement regarding the recent decision made by the Insurance and Private Pension Regulatory and Supervisory Authority (SEDDK). The bulletin highlights several concerns about the decision, describing it as unjust and lacking consideration for the company’s submitted defenses.
On the date of April 10, 2025, a decision was reached to revoke Arex Sigorta’s license to operate within the surety branch, as well as their authority to finalize and renew insurance contracts across all other branches. This decision was finalized during the SEDDK Board meeting, which commenced at 10:00 a.m. on the same day. Notably, this outcome was determined despite Arex Sigorta submitting a comprehensive 600-page defense, complete with annexes, to the authority at 4:46 p.m. on April 9, 2025.
In response to what Arex Sigorta considers an extrajudicial execution of the decision without due consideration of their defenses, the company plans to pursue legal remedies promptly. They believe this decision may raise concerns among their stakeholders, including policyholders and industry partners. However, Arex Sigorta reassures that the interests of all stakeholders, particularly policyholders, will be protected to the fullest extent during this process.
Since its inception, Arex Sigorta has consistently demonstrated financial stability by generating profits, enhancing shareholders’ equity, and ranking among the top 10 companies in terms of capital adequacy ratio and technical profitability. The company has also been a leader in expanding the insurance market through innovative products.
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