Milestones in the supervision of private insurance in Greece
The first legislative attempt to establish state supervision of the insurance industry was made by Law ΓΥΣΓ/22.12.1909.
Foreign insurers were first allowed to operate in Greece by Law ΓΧΜΣΤ/1.3.1910.
The first rules and principles of establishment and operation of insurance undertakings were laid down by Law 1023/1917 “On private insurance undertakings”.
The Ministry of Trade was responsible for the supervision of the insurance market and until 1976 the relevant supervision was carried out by the Ministry’s Credit and Insurance Directorate.
A new unit was created, the Insurance Undertakings and Actuaries Directorate, which until today reports to the General Secretariat of Trade & Protection of Consumer of the Ministry of Development.
2004 The Private Insurance Supervisory Committee (PISC) was established by Law 3229/2004 (Government Gazette Α 38).
PISC commenced operations on 1 January 2008, pursuant to Ministerial Decision 46511/B.2147, as an independent supervisory authority.
PISC was abolished by Law 3867/2010 (Government Gazette A 128) on 1 December 2010 and its powers were transferred to the Bank of Greece on the same date.
Law 3867/2010 was amended by Law 4364/2016 (Government Gazette Α 13) , which transposed into Greek legislation Directive 2009/138/EC of the European Parliament and of the Council (Solvency II), which governs the business and the supervision of insurance and reinsurance undertakings in the EU.