As from 1 December 2010, the Bank of Greece took over the supervision of private insurance after the abolition, on the same date, of the Private Insurance Supervision Committee (PISC). Supervisory duties are carried out by the Department of Private Insurance Supervision.
Aims of private insurance supervision
As supervisory authority, the Bank of Greece aims at:
- protecting policy holders and insurance beneficiaries;
- ensuring the smooth operation of the private insurance market and consolidating consumer confidence; and
- safeguarding financial stability in Greece, as well as in countries where Greek insurance and reinsurance undertakings are active.
Responsibilities of the Bank of Greece
In the context of its powers, the Department of Private Insurance Supervision:
- Conducts prudential supervision of Greek (re)insurance undertakings with respect to their total business in Greece and in the other EU Member States, either under the freedom of establishment (through a branch) or under the freedom to provide services.
- Conducts prudential supervision of foreign (re)insurance undertakings authorised in third (non-EU) countries that are active in Greece through a branch.
- Supervises distribution networks and practices for insurance products offered by Greek undertakings in Greece or in the other EU Member States.
- Supervises the implementation of the applicable legislation on the Key Information Documents (KID) regarding insurance-based investment products.
- Monitors compliance with the Greek regulations of general interest by the European (re)insurance undertakings and intermediaries that operate in Greece, either through a branch or under the freedom to provide services (FOS), in cooperation with the supervisορυ authorities of the home Member States.
- Participates in the Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) and ensures the transposition into Greek legislation of the guidelines issued by it.