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.
For the purpose of the fit and proper assessment of members of the administrative, management or supervisory body, key function holders and holders of qualifying holdings in (re)insurance undertakings, the Bank of Greece uses the Information System of the European Supervisory Authorities (ESAs Information System) developed in accordance with Article 31a of Regulations (EU) 1093/2010, 1094/2010 and 1095/2010.