General good requirements

Insurance & Reinsurance Undertakings 

intenting to carry out cross border business in Greece,

published in accordance with the article 180 of Directive 2009/138/EC

The following rules on the establishment and operation of insurance and reinsurance undertakings are set forth in Law 4364/2016 (Government Gazette 13 A) that incorporates into the Greek legislation the corresponding provisions of the 2009/138/EC Directive.

(Re)Insurance Undertakings incorporated in an a third country

According to Chapter 9 of Law 4364/2016, (re)insurance undertakings having their head office in a third country (other than EU) may operate in Greece:

  1. through a Greek subsidiary, as undertakings either of insurance against loss or damage or of life assurance,
  2. through a branch office, in case they operate as undertakings of insurance against loss or damage only or of life assurance only.

(Re)insurance undertakings incorporated in EU Member States

Any authorization to carry out business granted by a EU member-state is valid in all other EU member-states.  In order to conduct such business in Greece, undertakings incorporated in an EU member-state must comply with the required notification procedure between the supervisory authorities of the state of origin and the host state. Special consideration should be given to Chapter 8 of Law 4364/2016 regarding the right to establish and the freedom to provide 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 4364/2016 (Government Gazette A 13)

Article 120, Articles 123-125, Article 145, Article 146 par. 1 & 2, Article 147 paragraphs 1 & 2, Article 148 para. 3 b), Articles 150 to 154, Article 255, Article 259 and Article 261.

Law 4583/2018 (Government Gazette Α 212)

Article 5 para 7 second subpara, Article 19 para 4 first and second subpara, Article 28 para 3.

Law 4512/2018 (Government Gazette A 5)

Article 216 “Amendment to Law 3651/2008 (A 44)”

Road Assistance

Law 3651/2008 (Government Gazette A 44)

Road Assistance

Presidential Decree 237/1986

Codification of Provisions on Compulsory Insurance of Motor Vehicles

Executive Committee Act No. 87/5.4.2016

Procedure for settlement of claims and payment of compensation to beneficiaries under private insurance cover against civil liability in respect of the use of motor vehicles

Executive Committee Act No. 88/5.4.2016

Complaints Handling by Insurance Undertakings

Law 3867/2010 
Article 3 -13 "Supervision of private insurance, establishment of a Private Life Insurance Guarantee Fund, credit rating agencies and other provisions within the scope of the Ministry of Finance"

For further information, please contact the Supervisory Authority of your country.

The Bank of Greece can be contacted at:  


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