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General good requirements to be observed by (re)insurance undertakings and intermediaries intending to carry out cross-border business in Greece

A) INSURANCE & REINSURANCE UNDERTAKINGS (as per article 180 of Directive 2009/138/EC)

The following rules on the establishment and operation of insurance and reinsurance undertakings are set forth in Law 4364/2016 (Government Gazette 13 A) transposing into the Greek legislation the corresponding provisions of the 2009/138/EC Directive.

(Re)Insurance Undertakings with head office in an EU member-state

According to Chapter 9 of Law 4364/2016, insurance undertakings having their head office in a third country (other than EU) may operate in Greece:
(a) through a Greek subsidiary, as undertakings either of insurance against loss or damage or of life assurance, and
(b) through a branch office or an agency, in case they operate as undertakings of insurance against loss or damage only or of life assurance only.
 
(Re)Insurance Undertakings with head office in a EU member-state

Any authorization to carry out business granted by a EU member-state is valid in all other EU member-states. In order to conduct such business in Greece, undertakings incorporated in an EU member-state must comply with the required notification procedure. Special consideration should be given to Chapter 8 of Law 4364/2016 regarding the right to establish and the freedom to provide services.

Cross-border business operations in Greece are subject to the following general good requirements:

Law 4364/2016 (Government Gazette A 13)
Article 23 paragraphs 1, 2, 3 and 5, Article 24 paragraphs 1, 2 and 3, Articles 115 to 120, Article 125,Articles 145 and 146, Article 147 paragraphs 1, 2 and 3, Articles 148 to 154, Articles 255, 259 and 261.».

Law 4583/2018 (Government Gazette Α 212)
Article 5 para 7 second subpara, Article 19 para 4 first and second subpara, Article 28 para 3.
 

Law 4512/2018 (Government Gazette A 5)

Article 216 “Amendment to Law 3651/2008 (A 44)”

Road Assistance

Law 3651/2008 (Government Gazette A 44)
Road Assistance

Law 3867/2010
Supervision of private insurance, establishment of a Private Life Insurance Guarantee Fund, credit rating agencies and other provisions within the scope of the Ministry of Finance

Presidential Decree 237/1986
Codification of Provisions on Compulsory Insurance of Motor Vehicles

Executive Committee Act No. 87/5.4.2016
Procedure for settlement of claims and payment of compensation to beneficiaries under private insurance cover against civil liability in respect of the use of motor vehicles

Executive Committee Act No. 88/5.4.2016
Complaints Handling by Insurance Undertakings

B) INSURANCE DISTRIBUTORS (as per article 11 of Directive 2016/97/EC)

Any authorization to carry out insurance distribution granted by an EU member-state is valid in all other EU member-states. In order to conduct such business in Greece, insurance distributors incorporated in an EU member-state must comply with the required notification procedure. Special consideration should be given to Chapter 3 of Law 4583/2018 (transposing Directive 2016/97/EC) regarding the right to establish and the freedom to provide services.

Cross-border business operations in Greece are subject to the following general good requirements:

Law 4583/2018 (Government Gazette Α 212)
Article 5 para 4(b), Article 5 para 7 second subpara, Article 19 para 4 first and second subpara, Article 27 para 2, 3, 4, 5 and 6, Article 28 para 3, 4 και 5, Article 30 para 1(d).

Executive Committee Act No. 89/5.4.2016
Complaints handling by insurance intermediaries

For further information, please contact: dep.insurancesupervision@bankofgreece.gr