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New rules require insurance notifications and annual fee updates at licensed warehouses
An amendment to the Regulation on Licensed Warehousing of Agricultural Products was published in the Official Gazette and entered into force. The amendment requires changes to insurance contracts to be reported to the Ministry and warehouse fee schedules to be updated annually.
The Regulation Amending the Regulation on Licensed Warehousing of Agricultural Products was published in the Official Gazette and entered into force.
Insurance changes must be reported
Under the amendment, if a reason arises that could lead to the termination of an insurance contract required under the regulation, the relevant company must immediately notify the Ministry and the licensed warehouse operator.
The same notification obligation will apply if there is a change in the insurance amounts related to the coverage included in the policies.
Warehouse fees will be updated annually
The licensed warehouse fee schedule will be approved by the Ministry. The schedule will enter into force on the date it is published in the Türkiye Trade Registry Gazette.
The fee schedule will be updated every January at a rate equal to the average of the annual producer price index and consumer price index announced by the Turkish Statistical Institute.
The Ministry may reduce this update rate by up to half. In addition, fee schedules for warehouse entry and exit services, as well as for licensed warehouse operators whose business involves products other than cereals, pulses and oilseeds, may be updated no more than twice a year, on different dates and at different rates, taking market conditions and local commercial needs into account.
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