In accordance with articles 10, 11 and 19 of Law 4364/2016, insurance undertakings with registered office in the United Kingdom, which engaged in insurance activities in Greece up to the Brexit date (31.12.2020), may continue servicing exclusively the insurance contracts in force on 31.12.2020 with a view to fulfil the obligations arising thereof, without the authorization of the Βank of Greece, in compliance with general good provisions (article 147 seq. of Law 4364/2016). Said insurance undertakings must have been licensed and supervised by the competent authority of the United Kingdom. For their abovementioned activity, no formal procedure nor notification is required.
With the exception of the above, UK insurance undertakings’ insurance activities in Greece are subject to the provisions of insurance legislation for third country insurance undertakings (in particular relevant provisions of Law 4364/2016).