Tasks and Objectives

Tasks
 
In the context of its supervisory functions, the Bank of Greece:

• exercises the financial supervision of Greek-based insurance firms and their branches abroad, as well as of insurance firms based in non-EU countries and active in Greece under the right of establishment;
• supervises insurance and reinsurance intermediaries; and
• works closely with foreign supervisors to ensure the effective supervision of insurance and reinsurance firms based in other countries in the EU or the EEA and active in Greece under the right of establishment or under the freedom to provide services.

Objectives

The objectives of the Bank of Greece in assuming the functions listed above are to:

• protect the interests of all persons insured and entitled to compensation;
• build consumer confidence;
• monitor compliance with the legal provisions concerning technical reserves and solvency;
• assess the supervised insurance firms’ financial condition, internal control and risk management systems, as well as longer-term viability; and
• monitor compliance with anti-money laundering and counter-terrorist financing (AML/CTF) legislation.