General good requirements to be observed by (re)insurance distributors intending to carry out cross-border business in Greece

published in accordance with article 11 of Directive 2016/97/EC.

 

Any authorization to carry out insurance distribution granted by an EU member-state is valid in all other EU member-states. In order to conduct such business in Greece, insurance distributors incorporated in an EU member-state must comply with the required notification procedure.

 

Special consideration should be given to Chapter 3 of Law 4583/2018 (transposing Directive 2016/97/EC) regarding the freedom of establishment and the freedom of services.

Cross-border business operations in Greece are subject to the following general good requirements:

Law 4764/2020 (Government Gazette A 256)
Article 92 «Provisions on insurance - reinsurance undertakings authorised in the United Kingdom»

Law 4652/2020 (Government Gazette A 9)
Article 7 «Provisions concerning the financial sector»

Law 4583/2018 (Government Gazette Α 212)
Article 5 para 4(b), Article 5 para 7 second subpara, Article 19 para 4 first and second subpara, Article 27 para 2, 3, 4, 5 and 6, Article 28 para 3, 4 και 5, Article 30 para 1(d).

Law 4364/2016 (Government Gazette A13) 
Article 146 para 1

Executive Committee Act No. 89/5.4.2016
Complaints handling by insurance intermediaries


For further information, please contact the Supervisory Authority of your country.
The Bank of Greece can be contacted at: dep.insurancesup@bankofgreece.gr

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