The licence to provide insurance services is granted by line of business, some or all of the risks relating to such line of business, as well as by a group of two or more business classes, according to the classification given in Articles 4 and 5 of Law 4364/2016.
The licence to provide reinsurance services is only granted for non-life or life line of business, or uniformly for all kinds of reinsurance business.
The Bank of Greece supervises insurance and reinsurance undertakings incorporated in Greece, including their cross-border business through branches or under FOS regime.
Branches of (re)insurance undertakings incorporated in third (non- EU/EEA) countries
Subject to the prudential supervision of the Bank of Greece are also the Greek branches of insurance and reinsurance undertakings incorporated in non-EU/EEA Member States, in accordance with Chapter 7 of Part I of Law 4364/2016.
(Re)insurance undertakings incorporated in EU/EEA Member States
Insurance and reinsurance undertakings incorporated in an EU or EEA Member State may do business in Greece either through a branch or under the FOS regime, in accordance with Chapter 7 of Part I of Law 4364/2016.
Responsible for the prudential supervision of the Greek branches and FOS of these undertakings are the relevant home supervisory authorities.
There is a large number of mutual associations doing business in the Greek private insurance market, focusing on motor vehicle liability (mass transport vehicles, such as buses). Of those, only 4 are subject to all of the provisions of the insurance legislation. The rest are subject to specific provisions due to their size, type and mode of activity.