The Bank of Greece introduced a new Insurance Intermediary Code of Conduct with effect from 22 April 2016 under Executive Committee Act No. 86 of 5 April 2016. This replaces the Insurance Intermediary Code of Conduct issued under Executive Committee Act No. 31 of 30 September 2013. The new Insurance Intermediary Code of Conduct applies to local insurance intermediaries and intermediaries in other EEA member states that have passported into Greece on an establishment basis.
The purpose of the Code is to regulate the commercial relationships between policyholders, (re)insurance intermediaries and (re)insurers and to set conduct standards for (re)insurance intermediaries. It includes:
- General principles and rules of conduct (Article 4).
- Information that intermediaries must provide to their customer and professional conduct (Article 5).
- Record keeping (Article 6).
- Premium collection (Article 8).
An English translation of Executive Committee Act No. 86 of 5 April 2016 is provided for information purposes only and is not legally binding.