This Regulation lays down the procedures and principles regarding the establishment of the Agricultural Insurance Pool, the risks to be covered by the Pool, the income and expenses of the Pool, premium and excess loss support, damage assessment and risk investigation organizations, data collection, risk analysis, collection of premiums by insurance companies, compensation payments, reinsurance coverage, developing, disseminating and monitoring agricultural insurance, providing other technical services related to agricultural insurance, and the activities and supervision of the company that undertakes the operation of the Pool.
The risks for plants, plant products and greenhouses, agricultural structures, agricultural equipment and machinery and farm animals to be covered by the agricultural insurance pool include drought, hail, frost, flood, groundwater floods, storms, cyclones, earthquakes, landslides, fires, damages due to pests and animal diseases, and other risks deemed important for the agricultural sector. The duties and powers of the Ministry of Agriculture and Forestry are listed in Article 26, as follows: (i) to promote the development and expansion of agricultural insurance; (ii) to conduct trainings in collaboration with the Insurance company; (iii) to monitor the proper and regular execution of compensation payments, the Pool's revenues and expenses, and activities related to the Pool's business and operation; (iv) to transfer state premium support to the Pool's bank account; (v) to develop plans for premium support to be provided according to product, risk, region, and business scale, and to submit proposals for approval to the Council of Ministers.