Dr. Antonios Tsavdaridis, partner and head of arbitration at Rokas (Athens), and Kosmas Karanikolas, associate at Rokas (Athens), are the exclusive authors of the newly introduced chapter on insurance disputes’ resolution in Greece, embodied in the 4th edition of “The Insurance Disputes Law Review” (ed. by J. Page and R. Butland, Allen & Overy LLP). The chapter in question provides a succinct, yet practical, overview of the most recent developments in insurance disputes’ resolution in Greece. Commencing from a comprehensive illustration of the fundamental aspects of the standing legal framework intended to insurance disputes’ settlement, considered from both a substantive and a procedural viewpoint, the chapter extends to the pinpointing of the most significant, recently delivered insurance-related courts’ rulings and concludes with a brief examination of the latest trends and anticipated developments in this field.
OVERVIEW
The Greek Insurance Contract Act (ICA), despite its very succinct nature, is regarded as a pioneering law in Europe. Occupying a position in the legislative vanguard in its field, its provisions resemble those of other contemporary European insurance contract laws. Rules applicable to insurance contracts are also found in the legislation on insurance supervision and distribution of insurance products, and in special laws regulating other, individual issues. Rules on general contract law apply supplementarily.
Premium income in Greece remains poor in relation to the country’s income per capita, contributing to the widespread use of international insurance terms and clauses, which are
governed by Greek law as foreign laws are almost never agreed upon for insurance contracts. Several provisions regarding direct or indirect interest have recently been introduced for
insurance contract law, although these do not touch upon the ICA’s core. The provisions focus on related issues, such as the introduction of compulsory professional liability insurance for
travel agents and travel service providers, the amendment of the liability insurance regime for high-speed craft operators and the establishment of compulsory liability insurance for
payment institutions, investment service providers7 and insolvency practitioners within the meaning of Law No. 4738/2020.
For the full chapter in “The Insurance Disputes Law Review” please Download: 