State Supported Commercial Receivables Insurance
Credit Insurance
- The new State Supported Receivables Insurance model created by the Ministry of Treasury and Finance guarantees the receivables of SMEs.
- Thanks to this insurance, if SMEs cannot collect their receivables, a significant part of their receivables is covered by the State Supported Receivables Insurance Pool.
- As a result of the risk assessment to be made to micro and small-scale SMEs, collateral is offered.
- Operational processes are carried out by the Extraordinary Risks Management Center, which is assigned within the framework of Article 33/A of Law No. 5684.
- The IT infrastructure to manage the transactions will be established by the Insurance Information and Monitoring Center.
- Within the scope of the system, guarantees will be provided for sales with a term of up to 120, 180, or 360 days.
- SMEs will be able to access information on premium and coverage amounts from the scoring system, the infrastructure of which is provided by SBM.
What Does Credit Insurance Do?
- It protects against the risk of non-payment of commercial debts.
- It allows you to manage the risks in your commercial activities in the most reliable way.
- It prevents receivables that are not paid on the specified date after the forward sale from causing trouble to the companies and disrupting their cash flows.
- It ensures a healthy cash flow and enables companies to fulfill their commitments comfortably.
- It eliminates the disruptions in the future financial plans of the companies.
How to Get Credit Insurance?
- The company wishing to purchase receivables insurance can apply through Allianz Insurance Authorized Agency or Yapı Kredi Bank branches.
- Allianz Insurance issues a receivables insurance policy after the claim is approved after financial reviews.
The net premium to be paid and the maximum coverage amount are calculated on the basis of the following table, based on the turnover from forwarding sales.
EXAMPLE :
An SME with a credit sales turnover of 4.500.000 TL wants to ensure its receivables of 3.500.000 TL in total arising from its sales with a term of up to 180 days to 10 buyers.
Since the turnover of the SME from its forward sales is TL 4,500,000 and the maturity of its receivables is up to a maximum of 180 days, the premium rate to be applied according to the table is 0,70%.
In this case, the premium amount to be paid by the SME is calculated as 31,500 TL (4,500,000 x 0,70%). Expense Tax (at the rate of 5%) will be added to this amount. The maximum compensation amount that he can receive in return for this amount he will pay will be 315,000 TL (31,500 TL x 10).
Credit Insurance Coverage
Within the scope of GOVERNMENT SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MEDIUM SCALE BUSINESSES, the guarantee is provided only for-trade receivables arising from domestic sales.
SCOPE
GOVERNMENT-SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MEDIUM SCALE BUSINESSES
As of the date of application from enterprises defined as micro and small enterprises in the Regulation on Definition, Qualifications, and Classification of Small and Medium-Sized Enterprises,
which was put into effect with the Council of Ministers Decision dated 19/10/2005 and numbered 2005/9617.
It is presented to those who meet the risk assessment criteria determined by the Unusual Risks Management Center, which was established at least two years ago and was appointed within the framework of Article 33/A of Law No. 5684.
INQUIRY FEE
The inquiry fee at the proposal stage for the risk assessment is to be made for the purpose of determining the buyers to be covered under the GOVERNMENT SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MEDIUM SCALE BUSINESSES is 10 TL for each buyer whose risk assessment has been made.
The additional inquiry fee in case of issuance of the insurance contract is 10 TL for each buyer whose risk assessment is made.
PREMIUM AND MAXIMUM GUARANTEE AMOUNT
In the premium account, the turnover of the business requesting credit insurance from forwarding sales in the last financial year is taken as a basis.
The net premium and the maximum coverage amount are calculated on the basis of the turnover from forwarding sales.
PREMIUM COLLECTION
The entire premium amount is paid in advance with a 10% discount.
RISK ASSESSMENT
In the risk assessment of the buyers to be covered under the GOVERNMENT SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MEDIUM SCALE BUSINESSES,
the buyers who make up at least 50% of the turnover of the company requesting the insurance from forwarding sales and are ranked from largest to smallest according to turnover are taken into account.
As a result of the risk assessment, each of these buyers is given a score between “1 (lowest risk)” and “6 (highest risk)”.
CREDIT LIMITS
Buyers with a score of 6 as a result of the risk assessment will not be provided with a credit limit within the scope of GOVERNMENT SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MID-SCALE BUSINESSES.
Each buyer with a score between 1 and 5 is provided with a credit limit, not exceeding the maximum amount determined according to the turnover of the business demanding credit insurance.
The total credit limit provided to all buyers of the insurance claiming company, excluding those who constitute at least 50% of the turnover from forwarding sales, is the highest credit limit provided to a buyer in the other 50% group.
GUARANTEE RATE AND EXEMPTION
Coverage rates applied for buyers whose credit limit is provided within the scope of GOVERNMENT SUPPORTED COMMERCIAL RECEIVABLE INSURANCE FOR SMALL AND MEDIUM SCALE BUSINESSES are specified in the policy. Coverage rates can vary between 70% and 90%, depending on the buyer’s score.
Losses incurred during the insurance period; If the loss is less than 2,500 TL, it is paid by the insured, and if it exceeds 2,500 TL, it is paid by the Extraordinary Risks Management Center,
which is assigned within the scope of the determined coverage rates, within the scope of Article 33/A of Law No. 5684.
