Private Insurance Firms

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Private insurance services are provided in Greece by:

Greek-based sociétés anonymes;
Insurance firms based in third countries (outside the EU and the EEA) and active in Greece under the right of establishment;
Insurance firms based in other countries of the EU or the EEA and active in Greece through branches or under the freedom to provide services; and
Mutual insurance cooperatives.

The taking up of the business of private insurance in Greece is subject to prior authorisation by the Supervisory Authority. Such authorisation is valid throughout the EU and the EEA (single authorisation) and enables an insurance undertaking to conduct operations in another Member State under the right of establishment (i.e. through a branch) or the freedom to provide services, in accordance with the provisions of Legislative Decree 400/1970.

For Greek-based insurance firms established after the entry into force of Presidential Decree 118/85 (Government Gazette A 35), authorisation is granted for a particular class of insurance, i.e. either life or non-life insurance. Greek-based insurance firms that, upon the entry into force of Presidential Decree 118/85, were active in both life and non-life insurance may continue such mixed activity, provided that each class of insurance is subject to separate management in accordance with the provisions of Article 52b of Legislative Decree 400/1970.

Insurance firms active in the Greek market are distinguished to:

Life insurance firms
Non-life insurance firms
Mixed activity insurance firms

Depending on the type of activity it wishes to pursue (non-life insurance or life insurance), the insurance undertaking is granted authorisation by the Supervisory Authority for the specific line of insurance business, for all or several of the risks within that branch or for more than one lines of insurance business, according to the classification in Article 13 of Legislative Decree 400/1970.

The scope of supervision also includes Greek-based insurance firms conducting operations in the EEA under the freedom to provide services.

Insurance firms based in third countries (outside the EU and the EEA)

Also subject to supervision are insurance firms based in third countries (outside the EU and the EEA) and active in Greece under the right of establishment in accordance with Articles 3a and 20 of Legislative Decree 400/1970.

Insurance firms based in other countries in the EU or the EEA

Insurance firms based in other countries in the EU or the EEA may pursue insurance business under the right of establishment (i.e. through branches) or under the freedom to provide services, in accordance with the provisions of Chapter 7 of Legislative Decree 400/1970.

These insurance firms are subject to supervision by the relevant supervisory authorities of their host countries.

Mutual insurance cooperatives

Mutual insurance cooperatives, another category of supervised insurance undertakings, provide mutual insurance exclusively to their member policyholders. Their operation is governed by Articles 35, 36 and 37 of Legislative Decree 400/1970. Their activity is restricted to the area of non-life insurance.