Greece Insurance Industry – Governance, Risk and Compliance
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The Greece insurance industry report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Greece insurance industry?
The Bank of Greece became the insurance industry regulator with the enactment of Law 3867/2010 and replaced the Private Insurance Supervisory Committee. The DOPIS is a department of the Bank of Greece that was established to supervise and regulate the insurance industry. The roles and responsibilities of the DOPIS include licensing of insurers and insurance intermediaries and issuing the guidelines for them. It is also up to them to monitor the rules and regulations to terminate the businesses of insurers and intermediaries.
The DOPIS also evaluates the applications of applicant companies for licensing as well as their financial conditions and long-term risk management systems. It maintains anti-money laundering (AML) and counter-terrorist financing (CTF) regulations in the country, builds consumer confidence, provides financial supervision to insurance companies, and imposes financial and administrative penalties with legal provisions.
What are the different types of licenses issued in the Greece insurance industry?
The different types of insurance licenses issued in the Greece insurance industry are life insurance license, non-life insurance license, license for reinsurance, and license to conduct insurance mediation activities.
Life insurance license in the Greece insurance industry
Insurance companies with a life insurance license can underwrite life insurance and annuities, life insurance linked to an investment fund, marriage and birth insurance, permanent health insurance, capitalization insurance, tontines, pension fund management, collective insurance, and social insurance.
Non-life insurance license in the Greece insurance industry
Insurance companies with a non-life insurance license can underwrite accident insurance, sickness insurance, land vehicles insurance, railway rolling stock insurance, aircraft insurance, ship insurance, goods in transit insurance, fire and natural calamities insurance. With this, they can also underwrite other damages to property insurance, motor vehicle liability insurance, aircraft liability insurance, ship liability insurance, general liability insurance, credit insurance, suretyship insurance, miscellaneous financial loss insurance, legal expenses insurance, and assistance insurance.
License for reinsurance in the Greece insurance industry
Reinsurers are required to obtain a license to operate in Greece. Insurers can also operate in reinsurance of the same class for which they have an insurance license.
License for insurance intermediaries in the Greece insurance industry
Insurance or reinsurance brokers and coordinators can be licensed to carry insurance mediation activities in Greece other than insurance agents or coordinators of insurance agents.
Which other key bodies oversee the Greece insurance industry?
The key bodies overseeing the Greece insurance industry market are the International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and Greek Association of Insurance Companies (GAIC).
International Association of Insurance Supervisors
The IAIS, established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of over 200 jurisdictions in more than 140 countries. It formulates and issues various global insurance principles, standards and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
European Insurance and Occupational Pensions Authority
The EIOPA, a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system’s stability, the transparency of markets and financial products, and the protection of policyholders, pension scheme members and beneficiaries in all European Member States.
Federation of European Risk Management Associations
FERMA was established in 1974 and is a member of the International Federation of Risk and Insurance Management Associations (IFRIMA). The main objectives of FERMA are to monitor new regulations and standards besides detecting early issues which can impact the risk management and insurance sectors. FERMA also sets up surveys and benchmarks to identify and share current practices and maintains two-way communication with national associations on the development and application of risk management. It also establishes technical alliances and ad hoc coalitions with other stakeholders.
Greek Association of Insurance Companies
The GAIC was founded in 1907 but renamed with the current name in 1992. It is a recognized professional union and represents licensed insurers operating in Greece. GAIC develops the institution of private insurance, promotes industry morals and maintains the professional and financial interests of its members to the relevant ministries.
Greek insurance industry, by association
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Market report scope
Key license types | Life Insurance License, Non-Life Insurance License, License for Reinsurance, and License to Conduct Insurance Mediation Activities |
Key associations | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and Greek Association of Insurance Companies (GAIC) |
This report provides detailed analysis of:
- The insurance regulatory framework in Greece.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the country’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- Taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Greece.
- Track the latest regulatory changes and expected changes impacting the Greek insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
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Frequently asked questions
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What are the key license types in the Greece insurance industry?
The different types of insurance licenses issued in the insurance industry in Greece are life insurance license, non-life insurance license, license for reinsurance, and license to conduct insurance mediation activities.
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Who are the key associations overseeing the Greece insurance industry?
The key bodies overseeing the insurance industry in Greece are International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), Federation of European Risk Management Associations (FERMA), and Greek Association of Insurance Companies (GAIC).
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