Synopsis
Timetric’s 'Governance, Risk and Compliance - The Greek Insurance Industry' report 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. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, 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 also includes the scope of non-admitted insurance in the country.
Scope
• The report covers details of the insurance regulatory framework in Greece.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.
Summary
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’s 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 Greek 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.
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.
• The life and non-life insurance segments in Greece are regulated by the provisions of Insurance law 2016.
• Motor third-party liability insurance and aviation liability insurance are compulsory.
• Non-admitted insurers and intermediaries are not permitted in the Greek insurance industry.
Table Of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Workmen’s compensation insurance
2.4.2 Motor third-party liability insurance
2.4.3 Air carriers and aircraft operators insurance
2.4.4 Professional indemnity insurance for alternative investment fund managers
2.4.5 Liability for ships with respect to oil pollution
2.4.6 Liability insurance against the transport of hazardous and noxious substances by sea
2.4.7 Professional indemnity for insurance intermediaries
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Department of Private Insurance Supervision
2.5.5 Greek Association of Insurance Companies
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Greece - Insurance Regulatory Framework Key Features
Table 3: Greece - Life Insurance Regulatory Framework
Table 4: Greece - Property Insurance Regulatory Framework
Table 5: Greece - Motor Insurance Regulatory Framework
Table 6: Greece - Liability Insurance Regulatory Framework
Table 7: Greece - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 8: Greece - Insurance Premium Tax Rates for the Financial Year 2017
Table 9: Greece - Corporate Tax Rates for the Financial Year 2017
List Of Figures
Figure 1: Greece - The Three Pillars of Solvency II
Figure 2: Greece - Insurance Supervision and Control at Various Levels
Figure 3: Greece - Insurance Regulatory Frameworks for Company Registration and Operation
