The first legislative attempt to establish state supervision of the insurance industry dates back to 1909, with Law ΓΥΣΓ/22.12.1909, under which only domestic firms could offer insurance coverage in Greece. A few months later, Law ΓΧΜΣΤ/1.3.1910 allowed foreign insurers to operate in Greece and sought to further ensure the soundness of insurance firms.
Law 1023/1917 on private insurance firms, another major step forward, laid down the first rules and principles of establishment and operation for insurance firms.
In 1926, insurance firms became subject to supervision by the Ministry of Trade: until 1976 the relevant supervision was carried out by the Ministry’s Credit and Insurance Directorate and, afterwards, by its Insurance Firms and Actuaries Directorate, which now reports to the General Secretariat of Trade of the Ministry of Development.
Law 3229/2004 (Government Gazette A 38) established the Private Insurance Supervisory Committee (PISC), which started operations on 1 January 2008 (see Ministerial Decision 46511/ B.2147). As an independent supervisory authority, PISC took over most of the functions previously assumed by the Insurance Firms and Actuaries Directorate of the Ministry of Development.
Under Law 3867/2010 (Government Gazette A 128), the tasks of PISC were transferred to the Bank of Greece as from 1 December 2010, and the PISC was abolished as from the same date.
For information (in Greek) on PISC before its tasks were transferred to the Bank of Greece, click on the headings below: