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Please make sure you view the key information alongside your search results. This section details information that must be considered before accepting a risk in the chosen country.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice.

Greece** Please see Lloyd's Authorisation for details of Lloyd's licensing status

Pre-placement considerations

Lloyd's authorisation

Insurance

Lloyd’s underwriters are authorised to write: 

  • All classes of insurance in this territory on a freedom of services basis, and
  • All classes, except term life, on an establishment basis

Lloyd’s underwriters can accept insurance for the classes listed below, either on a freedom of services or establishment basis:

Last updated: 16 Nov 2015


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance business originating in this territory.
Last updated: 13 Aug 2014

Definition of risk location

A risk is located in a European Union or European Economic Area member state if it is:

Insurance

(a) A building (and its contents issued under the same policy) situated in that member state.

(b) A motor vehicle, ship, yacht or aircraft registered in that member state.

(c) A travel policy for four months or less taken out in that member state.

For any other type of insurance (including a life insurance) it is a risk of this member state if the insured is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that member state.

Reinsurance

A reinsurance of an insurer located in that member state.

Note: The definition of a Greek risk for premium tax purposes is wider. Taxes and similar charges are imposed on insurance of Greek risks as defined above, and on any insurance of moveable property normally contained in a building in Greece (other than goods in commercial transit). This is the case even if a separate policy covers such contents for the account of a non-resident.


For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 13 Aug 2014

Compulsory classes

The following are compulsory in Greece:

Transport sector

  • Motor third party liability.
  • Public liability for oil pollution caused by certain vessels (under the Civil Liability Convention 1992 and Bunkers Convention 2001).
  • Protection and Indemnity (P&I) cover for commercial vessels of 300 GT (gross tonnage) or more where the vessel is registered in Greece or is registered in another country and enters a port in Greece.
  • Public liability for vessels licensed to carry more than 12 passengers in respect of injury to passengers and damage to their luggage, where the vessel is registered in Greece or is registered in another country and enters a port in Greece.
  • Public liability for international road transporters of goods in respect of the International Convention of Geneva 1954.
  • Public liability for Greek transport companies in respect of their activities in the transport of goods nationally or internationally.
  • Public liability for railway operators in respect of injury or death of persons (passengers
    or others) and material damage to goods, animals and movable items in transit.
  • Public liability for aircraft operators conducting flights in Greece in respect of injury or death of passengers and crew and material damage to goods in transit.
  • Public liability for aircraft operators conducting international flights in respect of civil liability
    under the International Convention of Montreal 1999.
  • Public liability for EU aircraft operators conducting flights from or to and airport in the EU or Greece including damage to goods in transit.
  • Public liability for operators of sea-water airports.
  • Tour operators’ liability.
  • Public liability for operators of motorised pleasure boats, including insurance of the crew when sailing to the dock/port.
  • Public liability for operators of scuba diving businesses.
  • Public liability in respect of passengers of vessels other than pleasure boats.
  • Liability for ship owners in respect of wreck removal within Greek territorial waters.
  • Public liability for organisers of motor racing events.
  • Pilots’ loss of licence insurance for aircraft operators.
  • Public liability for operators of road assistance in respect of injury and material damage to their clients.
  • Public liability for operators and owners of drones.
  • Liability for ship owners in respect of the costs and expenses of crew that has been “abandoned” within the meaning of the regulation of the International Labour Organisation.

Other sectors

  • Professional indemnity for lawyers who practice in Greece, including those from other EU member states.
  • Professional indemnity for insurance intermediaries.
  • Professional indemnity for supplementary investment firms.
  • Professional indemnity for payment institutions in respect of inability to meet their financial obligations and inability to secure the protection of money received from customers.
  • Professional indemnity for companies that execute investment orders.
  • Professional indemnity for investment firms.
  • Public liability for clinical research and clinical trials.
  • Professional indemnity for alternative investment fund managers.
  • Professional indemnity for professional activities that present a direct risk to the health or safety of the recipient or a third party, or to the financial security of the recipient.
  • Professional indemnity for UCITS.
  • Public liability for contractors and designers of technical works.
  • Public liability for operators of natural gas installations and users of large quantities of natural gas.
  • Professional indemnity for investment companies in merchant marine.
  • Professional indemnity for audit firms and chartered auditors.
  • Liability for lessees in respect of damage to leased items.
  • Environmental liability for certain occupational activities.
  • Insurance of a risk specific to the construction and operation of a European Research Infrastructure Consortium (ERIC).
  • Environmental liability for waste processors.
  • Public liability for property mutual funds and property freeholders.
  • Professional indemnity for property joint stock investment companies.
  • Professional indemnity for credit intermediaries.
  • Professional indemnity for property mortgage intermediaries.
  • Professional indemnity for insolvency administrators.

Policy wordings for compulsory classes must meet the requirements of the relevant law governing the terms of the compulsory insurance.

Last updated: 20 Sep 2017

Tax - Overview

Summary of taxes applicable to insurance

  • Premium tax
  • Stamp duty (abolished with effect from 1st January 2009)
  • Auxiliary fund (motor)
  • Insurance employees' pension fund
  • Motor insurance bureau levy

Taxes are handled either by Lloyd's centrally or by local intermediaries. For detailed information on taxes applicable to a particular risk please select the appropriate type of insurance using the 'Tax by risk' option(s) under tailored search.
 
Risk location
 

A risk is located in this territory for tax purposes if it relates to:

  • fixed and/or moveable property (excluding goods in transit) situated in the territory, or
  • motor vehicles, ships, yachts or aircraft registered in the territory, or
  • travel risks of a duration of four months or less taken out in the territory, or
  • any other type of risk (not listed above) where the insured is habitually resident in the territory or, in the case of a corporate insured, its business establishment to which the risk relates is situated in the territory.

Taxes and global contracts

A global contract may give rise to tax exposures in a number of different jurisdictions. Compliance with tax requirements will normally require the premium to be apportioned between jurisdictions and may result in more than one country's tax being applied to the same premium.  In addition tax liabilities may be triggered by a number of factors other than the location of a risk including,  residence of insured, route of the business into Lloyd's and Lloyd's status in a jurisdiction.

Last updated: 09 Dec 2015

Routes into Lloyd's

Coverholders

Lloyd's requirements for a coverholder carrying on Greek business on behalf of a Lloyd's managing agent

Binding authority held by a Greece based coverholder
Last updated: 28 Sep 2016

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Binding authority held by a coverholder outside Greece, in another EEA Member State 
Last updated: 03 Aug 2016

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Binding authority held by a coverholder outside Greece and outside the EEA
Last updated: 03 Aug 2016

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Reinsurance
Last updated: 28 Sep 2016

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Open market correspondents

The Open Market Correspondent (OMC) approval process does not apply in this territory.

The following must be noted.

Open market business via a Greek intermediary, dealing directly with Lloyd's or with a Lloyd’s broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must be a registered intermediary in Greece.
  • The intermediary's name, address and lines of business to be produced must be submitted to the Lloyd's General Representative for Greece. This requirement extends to providing this information in respect of all intermediaries included in the producer chain and is for commercial purposes.

Open market business via an intermediary outside Greece in the EEA, dealing with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration. However, it must operate in accordance with Greek law and regulation.
  • It must be a registered insurance intermediary in its home state.
  • It must have passporting approval for Greece if it is going to conduct insurance mediation activity in the territory.

Open market business via an intermediary outside Greece and outside the EEA, dealing directly with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must not engage in insurance mediation in Greece.
  • The intermediary must deal with customers in Greece only via an insurance intermediary that is either registered in Greece or registered in another EEA member state and has passporting authorisation for Greece.

Reinsurance

  • A reinsurance intermediary carrying on reinsurance mediation in Greece must be either registered there or have passporting approval for Greece.
Last updated: 27 Oct 2016

Intermediary regulation

Intermediary Code of Conduct
Last updated: 03 Jun 2016

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Insurance documentation

Insurance documents

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 03 Oct 2016


Market Reform contract guidance

This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (ie not reinsurance).
Last updated: 13 Aug 2014


Language of contract

Pre-contractual information

Documents must be in Greek if the risk is a compulsory class of business or if it is a consumer risk and Greek law will apply to the policy.

Policy documents

For mass risks, the language of the policy must be Greek unless the insured confirms they will accept another language. For large risks the language of the policy should normally be that of the law governing the contract. There is a free choice of law for large risks.

Last updated: 13 Aug 2014


Choice of law

To meet contract certainty requirements, the insurance contract must contain a choice of law clause.
Last updated: 13 Aug 2014


Jurisdiction

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.

The Revised Brussels I Regulation 1215/2012/EU applies and determines the jurisdiction applicable.

Insurance of large risks: The underwriter can agree with the insured the jurisdiction that will apply to the contract.

Insurance of mass risks: In the event of a dispute, the rules in the Revised Brussels I Regulation determine the EU member state(s), in which a party can bring an action.

Reinsurance: The underwriter can agree with the reinsured the EU member state whose jurisdiction will apply to the contract.

Last updated: 07 Jan 2015


Service of suit

Insurance

To meet contract certainty requirements, the insurance contract must contain a service of suit clause.

Establishment: The General Representative must be appointed for establishment business.

Services: The General Representative or another nominee may be appointed for freedom of services business. A freedom of services contract that is not subject to Greek law may include a service of suit clause and Lloyd's General Representative for Greece may still be nominated. Others, such as Lloyd’s agents and brokers, may be nominated if agreed by the leading underwriter and the nominee concerned.

Service of suit clauses LSW487 or NMA2418 may be used for services or establishment business. These clauses are available on the Lloyd's Wordings Repository.

Reinsurance

There are no requirements for reinsurance business.

Last updated: 27 Oct 2016


Lloyd's representation and other contact details

Lloyd's representative

What's new

(001) Quick reference guide**

Lloyd's Greece SA
25A Boukourestiou Street
106 71 Athens
Greece

Tel: +30 210 363 9156
Fax: +30 210 363 9362

Marianna Papadakis
Country Manager for Greece

Tel: +44 (0)20 7327 6802
Fax: +44 (0)20 7327 5255
Email: lloydsgreece@lloyds.com

For further information please click here

Last updated: 27 Oct 2016