Insurance distribution

Insurance distribution means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected by customers through a website or other media and the compilation of an insurance product ranking list, including price and product comparison, or a discount on the price of an insurance contract, when the customer is able to directly or indirectly conclude an insurance contract using a website or other media.

Categories of insurance distributors

An “insurance intermediary” is any natural or legal person, other than an insurance or reinsurance undertaking or their employees and other than an ancillary insurance intermediary, who, for remuneration, takes up or pursues the activity of insurance distribution.

Insurance intermediaries established in Greece are divided into the following categories:

  1. insurance agents;
  2. insurance coordinators; and
  3. insurance and reinsurance brokers.

More specifically:

An “insurance agent” is any natural or legal person that pursues the activity of insurance distribution on the name and on behalf of one or more insurance undertakings. Insurance agents include credit institutions, investment firms and agricultural cooperatives when they engage in insurance distribution.

An “insurance coordinator” is any natural or legal person that pursues the activity of insurance distribution through a group of insurance agents, which it chooses and recommends to insurance undertakings as collaborators, and then trains and supervises to ensure their compliance with the policies and procedures of the insurance undertakings it cooperates with, without entering itself into contracts with them.

An “insurance and reinsurance broker” is any natural or legal person that, by written order of a customer, pursues the activity of insurance and reinsurance distribution on the basis of an analysis of an adequate number of insurance contracts offered on the market, without being bound as to the choice of insurance or reinsurance undertaking.

Insurance distribution is also carried out in Greece by ancillary insurance intermediaries, which include any natural or legal person, other than a credit institution or an investment firm or an agricultural cooperative, who, for remuneration, takes up or pursues the activity of insurance distribution on an ancillary basis, provided that all the following conditions are met:

  1. the principal professional activity of that natural or legal person is other than insurance distribution;
  2. the natural or legal person only distributes certain insurance products that are complementary to a good or service; and
  3. the insurance products concerned do not cover life assurance or liability risks, unless that cover complements the good or service which the intermediary provides as its principal professional activity.

According to the legislation in force, all of the above, as well as insurance undertakings, constitute insurance distributors.

Where can you find out if an insurance distributor/insurance agent/insurance broker practises legally in Greece?

Information about insurance distributors that practise legally in Greece can be obtained from the Professional Chamber of the city where they are established, or at the “Single Information Point on Active Insurance Intermediaries” of the Union of Hellenic Chambers of Commerce.

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