Supervisory practices of private insurance

Supervisory Review Process for (re)insurance undertakings

The Bank of Greece has developed and implements a Supervisory Review Process. The methods described in the said process concern the implementation, by the Bank of Greece, of an integrated supervisory framework for supervised (re)insurance undertakings, based on an exploratory risk-based approach, depending on the nature, complexity and scale of the risks inherent in each undertaking’s business.

In the implementation of paragraphs 6 and 7 of Article 24 and Article 209 of Law 4364/2016 and regarding the decision to reduce the reporting frequency or to exempt insurance and reinsurance undertakings from the reporting requirement, specific methods for defining market shares are used.

The methodology for evaluating the equivalence of the supervisory regimes of third countries includes the related questionnaire that the Bank of Greece uses as an evaluation tool.

The Bank of Greece, for every cross-border group supervised by it, coordinates the operational activity of the college of supervisors  and, in the context of its cooperation with other supervisory authorities, exchanges information regularly.

For the effective fulfilment of its supervisory duties and according to Article 12 para. 2 of Regulation (ΕU) 537/2014, the Bank of Greece establishes dialogue with the statutory auditors and audit firms carrying out the statutory audit of all insurance and reinsurance undertakings.

  • Supervisory Review Process
  • Operational activity of the college of supervisors
  • Methods for defining market shares
  • Methodology for the evaluation of the equivalence of the supervisory regimes of third countries
  • Extension of the recovery period
  • Regular exchange of information
  • Dialogue between the Bank of Greece, as supervisor of insurance and reinsurance undertakings, and the statutory auditors and audit firms carrying out the statutory audit of the said undertakings.
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