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New operational and supervisory framework of (re)insurance undertakings - Solveny II

Solvency II is the new operational and supervisory framework of (re)insurance undertakings active in the EU/EEA, aiming at enhanced consumer protection.

As a first step, Directive 2009/138/EC of the European Parliament and the Council was issued in November 2009.
 
On 13 November 2013, the European Parliament and the Council reached an agreement on the Omnibus II Directive, which amended the above Directive by including provisions on the treatment of long-term guarantees offered by (re)insurance undertakings. It also set the 1st of January 2016 as effective date of Directive 2009/138/EC.

Directive 2009/138/EC was transposed to Greek law by Law 4364 (Government Gazette A 13/5.2.2016).
 

 Laws, regulations, administrative rules and general guidance

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Union legislation in the field of insurance regulation

 Directives
 
 Delegated Regulations/Decisions 

 Regulatory Technical Standards


 - Greek legislation in the field of insurance regulation

 Law 4364 (Government Gazette A 13/5.2.2016) (in Greek)

Adaptation of Greek legislation to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II); Articles 2 and 8 of Directive 2014/51/EC of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Insurance and Occupational Pensions Authority (hereinafter “EIOPA”) and the European Securities and Markets Authority; as well as Article 4 of Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 as regards the supplementary supervision of financial entities in a financial conglomerate, and pertinent provisions of private insurance legislation and other provisions.

- Executive Committee Acts

EXECUTIVE COMMITTEE ACT No. 120/11.7.2017: Prudential assessment of acquisitions and increases of qualifying holdings in insurance or reinsurance undertakings

EXECUTIVE COMMITTEE ACT No. 156/2/12.3.2019: Amendement to the Bank of Greece Executive Committee Act No 120/11.7.2017 «Prudential assessment of acquisitions and increases of qualifying holdings in insurance or reinsurance undertakings»

- Aggregate statistical data {point (c) of Article 31(2) of Directive 2009/138/EC and par. c of Article 6 of IR (EU) 2015/2451}

Table A: With regard to supervised insurance and reinsurance undertakings

Table B: With regard to supervised insurance groups

Table C: Quantitative data on the supervisory authority

Table D: Qualitative data on the supervisory authority

- Disclosure of information regarding the exercise of options

The exercise of options under Directive 2009/138/EC