Insurance and Reinsurance 2016 Chapter on Greece
Article by Alkistis Christofilou – Partner, and Viktoria Chatzara, Associate, which appeared in the 2016 edition of The International Comparative Legal Guide to: Insurance & Reinsurance published by Global Legal Group Ltd, London. (www.iclg.co.uk)
1.1. Which government bodies/agencies regulate insurance (and reinsurance) companies?
In Greece, the taking-up and pursuit of insurance and reinsurance
activities has been regulated, at the time of drafting this chapter, by
the provisions of Legislative Decree 400/1970, and a series of other
legislative texts, such as: Law 3867/2010, which instituted the Bank
of Greece as the insurance regulatory authority; Law 489/1976 on
third party motor liability; Law 2496/1997 on the insurance contract
(ICA). The entire EU insurance regulatory framework has been
transposed into Greek law. Τhe Solvency II Directive 2009/138/EC
was transposed by the law passed by the Parliament on 29 January,
2016. Notably, the Solvency II law abolishes a large part of the
abovementioned laws, together with their implementing regulations.
The Greek National Regulatory Authority (NRA) for private
insurance is the Bank of Greece (BoG) and, specifically, the
Department of Private Insurance Supervision (DoPIS).
The powers and competence of DoPIS include in general terms:
■ the provision and revocation of the licences of (re)insurance
undertakings;
■ the monitoring of the (re)insurance undertakings’ and
intermediaries’ compliance with the legislative and regulatory
insurance regime;
■ the issuance of regulatory decisions; and
■ cooperation with EIOPA and other foreign NRAs.
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