Governance, Risk and Compliance - The Greek Insurance Industry

Governance, Risk and Compliance - The Greek Insurance Industry

Summary

The Department of Private Insurance Supervision (DOPIS) is the regulatory authority responsible for the supervision and control of the industry. The DOPIS is a part of Bank of Greece and was established under the supervision of the Bank of Greece. The Greek insurance industry is regulated by Law No. 4364, that came into effect on February 5, 2016, the Insurance law 2016, and its subsidiary legislation, which provide rules and regulations for both insurers and insurance intermediaries. The legislations are influenced by the insurance regulatory framework of the EU.

The report Governance, Risk and Compliance - The Greek Insurance Industry, is the result of extensive research into the insurance regulatory framework in Greece. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

  • The Greek insurance industry is regulated by the Department of Private Insurance Supervision, under the supervision of the Bank of Greece.
  • The Greek government permits up to 100% foreign direct investment in the insurance industry.
  • Composite insurance is not permitted. However, composite reinsurance is permitted.
  • Motor third-party liability insurance and aviation liability insurance are compulsory.
  • Non-admitted insurers and intermediaries are not permitted in the Greek insurance industry.
Scope

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Greece, including-
  • An overview of the insurance regulatory framework in Greece.
  • The latest key changes, and changes expected in the country‚Äôs insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and Regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Greece.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Reasons to buy
  • Gain insights into the insurance regulatory framework in Greece.
  • Track the latest regulatory changes, and expected changes impacting the Greece insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Greece- Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Table Greece- Life Insurance Regulatory Framework
      • Table Greece- Property Insurance Regulatory Framework
      • Table Greece- Motor Insurance Regulatory Framework
      • Table Greece - Liability Insurance Regulatory Framework
    • Compulsory Insurance
      • Workmen's compensation insurance
      • Motor third-party liability insurance
      • Air carriers and aircraft operators insurance
        • Table Greece - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Liability for ships with respect to oil pollution
      • Liability insurance against the transport of hazardous and noxious substances by sea
      • Professional indemnity for insurance intermediaries
    • Supervision and Control
      • Table Figure 1: Greece- Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • Federation of European Risk Management Associations
      • Department of Private Insurance Supervision
      • Greek Association of Insurance Companies
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Table Figure 2: Greece - Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Appendix
    • Methodology
    • Contact GlobalData
    • About GlobalData
      • Table Figure 3: About GlobalData
    • GlobalData's Services
    • Disclaimer

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