Provisions on Mutual Insurance Companies Finally Introduced

As background information, mutual insurance companies are specifically defined under Law No. 40 of 2014 on Insurance (“Insurance Law”) as a type of legal entity operating within the insurance sector.[1]

The Insurance Law goes on to state that further provisions on mutual insurance companies will be further addressed under a forthcoming Regulation of the Government. And now, a full five years after the initial issuance of the Insurance Law, the government has finally got around to issuing Regulation of the Government No. 87 of 2019 on Mutual Insurance Companies (“Regulation 87/2019”).[2]