Institutional framework of private insurance

Directive 2009/138/EC Directive 2009/138/EC (Solvency II) is the single operational and supervisory framework of insurance and reinsurance undertakings active in the EU, which was transposed into Greek legislation by Law 4364/2016 (Government Gazette Α 13).

The single operational and supervisory framework for the distribution of insurance products in the EU is based on Directive (EU) 2016/97, which was transposed into Greek legislation by Law 4583/2018 (Government Gazette Α 212).

Regulation (ΕU) 1286/2014 is the single framework in the EU that governs key information documents for packaged retail and insurance-based investment products. According to Regulation (ΕU) 2016/2340, it shall apply as from 1 January 2018.

Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (application date: 10 March 2021).

The institutional framework that governs the operation of the private insurance sector, according to which the Bank of Greece carries out its supervisory tasks, includes:

Laws, regulations, administrative rules and general guidance

Union legislation in the field of insurance regulation

Solvency II

Basic information documents for packaged retail and insurance-based investment products (PRIIPs)

Delegated Regulations:

Regulation (ΕU) 2016/1904 as regards the criteria and factors to be taken into account by the competent national supervisory authorities and/or EIOPA, when exercising their powers to intervene in the insurance-based investment product market (articles 16, par. 2 and 17 par. 2 of Regulation (EU) 1286/2014).
Regulation (EU) 2017/653 for laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.

Insurance Products Distribution (IDD)

Directive (ΕU) 2016/97

Delegated Regulations:

Regulation (EU) 2017/1469 laying down a standardized presentation format for the insurance product information document.
Regulation (EU) 2017/2358 with regard to product oversight and governance requirements for insurance undertakings and insurance distributors, and
Regulation (EU) 2017/2359 with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products.
Regulation (EU) 2019/2088 (application date: 10 March 2021)