The first legislation to regulate theinsurance industry in the Ottoman Empire was passed in the nineteenthcentury; article 29 of the Commercial Code , issued on 28 th July 1850,referred to marine insurance, while the Maritime Commercial Law , issuedon 21 st August 1863, dealt with marine insurance. The Insurance Companies Act 1905 (i.e. Sigorta) was therefore part of this body of insurance legislation in the Ottoman era.
"The expansion of the insurance industry outside of Britain, for example, was linked to the spreading of British trading companies in the world, and expansion of insurance took the form of establishing agencies and branches.[5]
An academic historian of The Sun Insurance Office, founded in 1710, states that “One of the Sun’s first non-European markets was in the Near East, where the Crimean War [1853-1856] had turned the attention of British capitalists to what The Times called ten years later, ‘the productive wealth and commercial importance of Western Asia Minor
The first indication of the concern of British business interests with this region was the concession granted in September 1856 by the Sultan to Sir Joseph Paxton and his partners to construct a railway from Smyrna, justly described as ‘the Liverpool of the Levant’ to Aydin, 80 miles inland.”
This was followed by the establishment of the Imperial Ottoman Bank and later the establishment of two insurance agencies in 1863 by the Royal of Liverpool and the Sun Fire Office. The writer goes on to mention the difficulties and the efforts by these two agencies to overcome the “religious prejudice (was it right to guard against disasters decreed by God?), commercial conservatism, inadequate fire-fighting methods, low standards of morality, and dangerous methods of building and manufacturing.”[6]
The writer also mentions that in 1867 the Sun appointed an agent in Istanbul. In the early 1880s, agencies were established in Cyprus, Beirut, Alexandria and Port Said. Mosul or Baghdad or Basra were not part of this expansion until later in the twentieth century.[7]"
[5] R L Carter, Economics and Insurance (Stockport: PH Press Ltd, n.d. [1971?], p56.
[6] P G M Dickson, The Sun Fire Office 1710-1960 (London: Oxford University Press, 1960), p188.
[7] Dickson, op. cit., p190.
Source: The Beginnings of Insurance And Regulation Of Insurance Activity In Iraq – An Overview Misbah Kamal
Mavi Boncuk |
İpotek : fromFR hypothèque mortgage EN[1] oldGR ʰypothēkē ὑποθηκη önerilen şey, ortaya atılan şey, bir borca karşılık rehin verilen şey < oldGR ʰypotíthēmi ὑποτίθημι aşağı koymak oldGr hipo+1 títhēmi, the- τίθημι, θε- koymak
Oldest historic source: [ c (1932) ]
Sigorta : fromVEN sicurtà insurance[2] EN 1. güvenlik, emniyet, 2. kaza veya kayıp ihtimaline karşı ayrılan emniyet akçesi fromL securitas güvenlik, emniy et sēcūrus endişesiz, kaygısız, güvenli fromL se+ cura endişe, dikkat, kaygı, gözkulak olma → kür
Oldest historic source: sikurta [ Bianchi, Dictionnaire Turc-Français (1851) ] sikurita/sigurita [ Sultan ve Kamuoyu: Osmanlı Modernleşme Sürecinde.. (1840) ]
Poliçe : policy[3] bank draft, draft, policy (contract of insurance) fromIT polizza üçüncü kişilere devredilebilen ödeme emri oldL *apodissa oldGR apódeiksis απόδειξις kanıt, belge, senet oldGR apo+ deiknými, deig- δεικνύμι, δειγ- göstermek +sis → paradigma
Oldest historic source: poliça/poliçsa [ Meninski, Thesaurus (1680) ]
Pictured below: from Foreign Investment in the Ottoman Empire: International Trade and Relations ... By V. Necla Geyikdagi
The Ottoman 1905 law, the Insurance Companies Law (i.e. Sigorta)
"This law, issued on 21 Jumada II 1323 AH, 9 August 1321 Latin,1905 AD, is still in force and has twenty-five articles plus a finalarticle identified as a special article stating that “ the specific[relevant] provisions of the Maritime Trade Law shall remain valid for application.” Therefore, this law [ Sigorta Law] has (26) twenty-six articles.The title of this law is wrong as it is not a law on insurance companies but a law of insurance or guarantee, i.e. sigorta, adistorted term derived from the French expression (Securite). This law was published as a supplement (appendix) of the Commercial Law . Its provisions were taken from the Belgian Insurance Law of 1874
It was promulgated in the Turkish language, of course, and does not have an official correct translation in the Arabic language.Indeed, the Arabic translation was weak, incorrect and contained numerous of mistakes.This law is specific to insurance of moveable and immovable property including marine insurance/transportation. Thus, article (1)stated that “insurance is a pledge to compensate, against a specified charge [premium], the losses and damage to movable and immovable property by risks and perils of any kind. The Insurance(Companies) Law stipulated, as did the Maritime Trade Law, the insurance contracts must be in writing as article (2) provided that “insurance pledges should be set in writing and that the guarantee instrument, i.e. the policy, must contain:(1) Name and family name, business and place of residence of theinsured (i.e., the person seeking insurance for his property) as well asthe name and family name, business and place of residence of the guarantor (i.e. the person who insures the property of others). (2)Type and description of the property insured against losses and thetype and description of the risks and perils against which the property in question are insured. (3) Amount of insurance charge[premium] and amount of compensation to be paid for losses andrisks. (4) Commencement and expiry date of the insurance period.(5) Date of issuing the policy."
Source: Misbah Kamal: Papers on Iraqi Insurance
The Ottoman Insurance Companies Act 1905: A Preliminary Study
This ‘mortgage by conditional sale is defined as a sale by means of which “the debtor sells the commodity to the purchaser against the debt that he [the seller] has incurred on condition that when he [the seller] redeems the debt the commodity is returned to him.” Dr Muhammad R awwas Qalaji & Dr Hamid SadiqQunaibi, Mu’jam Lughaat al
Fuqaha’ (Dictionary of Islamic Legal Terminology) Arabic-English (Beirut: DarAn-Nafaes, 1958), p 507.
[1] mortgage (n.) mort gaige, literally "dead pledge" (replaced in modern French by hypothèque
late 14c., morgage, "a conveyance of property on condition as security for a loan or agreement," from Old French morgage (13c.), mort gaige, literally "dead pledge" (replaced in modern French by hypothèque), from mort "dead" (see mortal (adj.)) + gage "pledge" (see wage (n.)). So called because the deal dies either when the debt is paid or when payment fails. Old French mort is from Vulgar Latin *mortus "dead," from Latin mortuus, past participle of mori "to die" (from PIE root *mer- "to rub away, harm," also "to die" and forming words referring to death and to beings subject to death). The -t- was restored in Modern English based on Latin.
And it seemeth, that the cause why it is called mortgage is, for that it is doubtful whether the feoffor will pay at the day limited such sum or not: and if he doth not pay, then the land which is put in pledge upon condition for the payment of the money, is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the tenant, &c. [Coke upon Littleton, 1664]
[2] insurance (n.)1550s, "engagement to marry," a variant of ensurance "an assurance, pledge, guarantee," from Old French enseurance "assurance," from ensurer, from en- "make" (see en- (1)) + sur "safe, secure, undoubted" (see sure (adj.)).
Commercial sense of "security against loss or death in exchange for payment" is from 1650s. Assurance was the older word for this specific sense (late 16c.).
[3] policy (n.1)
"way of management," late 14c., policie, "study or practice of government; good government;" from Old French policie (14c.) "political organization, civil administration," from Late Latin politia "the state, civil administration," from Greek politeia "state, administration, government, citizenship," from polites "citizen," from polis "city, state" (see polis). Meaning "plan of action, way of management" first recorded c. 1400.
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policy (n.2)
"written insurance agreement," 1560s, from Middle French police "contract, bill of lading" (late 14c.), from Italian polizza "written evidence of a transaction," from Old Italian poliza, from Medieval Latin apodissa "receipt for money," from Greek apodexis "proof, declaration," from apo- "off" + deiknynia "to show," cognate with Latin dicere "to say, speak" (from PIE root *deik- "to show," also "pronounce solemnly").draft (n.)
c. 1500, a spelling variant of draught (q.v.) to reflect change in pronunciation. By the end of the 19c. it was the established form in the military, commercial, and many technical sentences, and it is now almost universal in American English as conforming to the pronunciation.
The meaning "rough copy of a writing" (something "drawn") is attested from 14c.; that of "preliminary sketch from which a final copy is made" is from 1520s; that of "flow of a current of air" is from c. 1770. Of beer from the 1830s, in reference to the method of "drawing" it from the cask. Sense in bank draft is from 1745. The meaning "a drawing off a group for special duty" is from 1703, in U.S. especially of military service; the verb in this sense first recorded 1714.
bank (n.1)
"financial institution," late 15c., originally "money-dealer's counter or shop," from either Old Italian banca or Middle French banque (itself from the Italian word), both meaning "table," from a Germanic source (such as Old High German bank "bench, moneylender's table"), from Proto-Germanic *bankiz- "shelf," *bankon- (see bank (n.2)). The etymonlogical notion is of the moneylender's exchange table.
As "institution for receiving and lending money" from 1620s. In games of chance, "the sum of money held by the proprietor or one who plays against the rest," by 1720. Bank holiday is from 1871, though the tradition is as old as the Bank of England. To cry all the way to the bank was coined 1956 by U.S. pianist Liberace, after a Madison Square Garden concert that was panned by critics but packed with patrons.
bank (n.2)
"natural earthen incline bordering a body of water," c. 1200, from a Scandinavian source such as Old Norse *banki, Old Danish banke "sandbank," from Proto-Germanic *bankon "slope," cognate with *bankiz "shelf" (see bench (n.)). As "rising ground in a sea or rover, shoal," from c. 1600. As "bench for rowers in an ancient galley," 1590s.
There probably was an Old English cognate but it is not attested in surviving documents. The nasalized form likely is a variant of Old Norse bakki "(river) bank, ridge, mound; cloud bank," cognate with Swedish backe, Danish bakke "hill, rising ground."
bank (v.2)
1580s, "to form a bank or slope or rise," from bank (n.2). Meaning "to rise in banks" is by 1870. That of "to ascend," as of an incline, is from 1892. In aeronautics, from 1911. Related: Banked; banking.
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bank (v.1)
"to act as a banker," 1727, from bank (n.1). As "to deposit in a bank" from 1833. Figurative sense of "to rely on" (i.e. "to put money on") is from 1884, U.S. colloquial. Related: Banked; banking; bankable.