Supervision of Private Insurance

Under Law 3867/2010 (Government Gazette A 128), the supervision of insurance firms has been transferred to the Bank of Greece, which shall take over most of the responsibilities of the Private Insurance Supervisory Committee (PISC), a legal entity in public law subordinated to the Ministry of Finance.

The organisational unit at the Bank of Greece entrusted with the financial supervision of insurance firms is the Department of Private Insurance Supervision (DOPIS), established in view of the urgent need to overhaul the supervision of insurance firms and to bring it in line with relevant EU guidelines.

This section provides:

• an outline of the supervisory functions of the Bank of Greece in the field of private insurance;
• more details on individual insurers, as well as on the relevant international authorities with which the Bank of Greece cooperates in its supervision of private insurance;
• details about the Information Centre and practical guidance to customers of “Aspis Pronia” and “Commercial Value”.

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