Supervision of Private Insurance
The Bank of Greece assumed the supervision of the private insurance system on 1 December 2010, after the abolition, on the same date, of the Private Insurance Supervision Committee (PISC), pursuant to Law 3867/2010.
The supervisory duties are carried out by the Department of Private Insurance Supervision (DEIA), according to Law 4364 (Government Gazette A 13/5.2.2016). Within the framework of its mandate, DEIA is responsible for:
- Prudential supervision of Greek (re)insurance undertakings with respect to their total business in Greece and in EU/EEA Member States, through a branch or under freedom of services (FOS), as well as of the Greek branches of non-EU/EEA (re)insurers;
- Supervision of private insurance intermediaries and product distribution channels;
- Monitoring compliance of EU/EEA branches/FOS operating in Greece with the Greek regulatory framework on market conduct, in cooperation with the relevant home supervisory authorities;
- Representing the Bank of Greece in the Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) and, in accordance with Article 46 of Law 4364/2016, supporting the state in the transposition to Greek law of guidelines issued according to Regulation 1094/2010 of the European Parliament and the Council of the European Union, and ensuring implementation.
As the supervisory authority of the private insurance sector, the Bank of Greece aims at:
- enhancing protection of all policy-holders and insurance beneficiaries;
- ensuring smooth operation of and fostering consumers’ confidence in the private insurance market; and
- safeguarding financial stability in Greece and in the countries where Greek (re)insurers operate.