Home Page Home Page
  Rss Feeds

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.

Tasks

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.

Mission

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.