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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), as well as Law 4537/2018 (Government A 84/15.5.2018) Articles 129-130, and Law 4583/2018 (Government Gazette A 212/18.12.2018) Part II (Articles 2-50 and Appendix XIII). 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.

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