MASAK Communiqué in the Official Gazette: Life Insurance and Electronic Money Limits Updated
With the new MASAK communiqué published in the Official Gazette, monetary limits on life insurance contracts, prepaid cards, and electronic money issuance have been increased. The regulation also aims to facilitate the tracking of United Nations Security Council decisions.
The Communiqué Amending the MASAK General Communiqué, prepared by the Ministry of Treasury and Finance, has entered into force after being published in the Official Gazette. With the new regulation, monetary limits on life insurance, prepaid cards, and electronic money issuance have been raised, providing sector representatives with a wider room for maneuver.
Monetary Limits Raised
With the new regulation of the Ministry of Treasury and Finance, monetary limits in life insurance contracts, prepaid cards, electronic money issuance, and payment service transactions where simplified measures can be applied have been raised. This update aims to offer obligors a wider room for maneuver in line with the needs of the sector.
Within the scope of the update, pension contracts, plans providing pension rights through employees' wage deductions, and transactions with a total annual premium of 20 thousand liras were addressed. In addition, limits regarding life insurance contracts with additional premiums where the premium amount remains below 50 thousand liras were also redefined.
Prepaid Cards and Security Measures
With the regulation, changes were also made to the limits of prepaid cards that are anonymous, can be used by pre-loading balances, and on which account tracking is performed on a number basis.
The communiqué also foresees making announcements on the MASAK website in order to promptly take measures against individuals and organizations subject to United Nations Security Council (UNSC) decisions. The authority to freeze assets within the scope of UNSC decisions remains with the President.