Insurance

Insurance

Our insurance practice group has extensive experience in a broad spectrum of Greek insurance and reinsurance law. Among our clients are many of the world’s leading insurers, reinsurers, brokers, third party administrators and mutual funds engaged in activities in Greece, as well as commercial clients.

Our in-depth know-how of local laws and regulatory framework, as well as our industry practice insight, enables us to provide practical and client-oriented legal and tax advice in connection with life/non-life insurance and reinsurance. 

Over the years, we have developed a valuable channel of communication and understanding with the government regulatory authority, often addressing and solving relevant regulatory issues.

Our services include:
 

  • Set-up planning and establishment of insurance carriers and intermediaries
  • On-going regulatory advice and compliance (focus on solvency, capital resources, governance matters)
  • Licensing for establishment and cross-border provision of services for EU undertakings
  • Licensing for non-EU insurance and reinsurance undertakings
  • Insurance Brokerage
  • Contractual advice (including drafting policy terms and pre-contractual compliance)
  • Coverage issues and policy interpretation
  • Insurance warranties in commercial contracts
  • Mergers and acquisitions on insurance undertakings including regulatory advice and implementation (including due diligence)
  • Portfolio Transfers
  • Transfers of renewal rights and acquisitions
  • Outsourcing agreements
  • Pension plans and funds
  • Wealth management products in the form of life or unit-linked products
  • Tax planning and compliance 

Our firm contributed the Greek part to the 2016 edition of Getting the Deal Through: Insurance & Reinsurance (regulatory framework, insurance claims and coverage, reinsurance disputes and reinsurance principles and practices).

Indicative projects undertaken by our firm include advising:

  • Fosun, on the due diligence and structuring of the potential acquisition of Eurolife Insurance, including bancassurance agreement
  • Munich Re/Ergo, as well as its local insurance subsidiary Victoria, on the due diligence and structuring of the potential acquisition of various Greek bank-owned insurance companies
  • Swiss Life, on the structuring of its FOS operations in Greece regarding unit-linked products and the customisation of an innovative unit-linked product to be launched in Greece
  • A leading alternative asset manager, on the regulatory and transactional aspects for the acquisition of the reinsurance claims of a group of Greek insurance companies under insurance liquidation
  • A major Greek insurer, on contractual and regulatory issues arising from a major dispute with a terminated insurance broker
  • A major reinsurer, on a potential creation of a vehicle that will take over and manage the life-long health policies of the major Greek insurers 
  • Zurich, on a variety of issues including non-admitted insurance services in Greece, the provision of mandatory types of insurance on an FOS basis and on reinsurance regulatory issues by non EU providers
  • Metlife, on the acquisition of Citilife’s branch in Greece and the handling of run-off claims
  • IPG Financial Services Limited, on a project for wealth transfer planning services and use of life insurance products to clients of Citigroup Private Banking Group
  • AON, on the provision of a group pension scheme by EU insurers
  • Chartis, on regulatory issues related to FOS provision of non-life insurance in Greece
  • CIGNA International Expatriate Benefits, with respect to legal and regulatory issues arising from the launch of a group insurance policy in Greece
  • Dynamis, a Greek insurance company, for the transfer to the latter of the run-off insurance portfolio of Dynamis Malayan 
  • GMAC, on the compliance of a Financial Loss insurance policy with Greek law and the FOS provision of Financial Loss insurance coverage in Greece
  • Net Trust (insurance intermediary), on transactional and regulatory issues with respect to its acquisition by Gras-Savoye Willis
  • A Greek bank, in relation to its bank assurance agreement with a major Greek insurance undertaking
  • Julius Baer, on unit-linked policies in the context of wealth management
  • Scottish Widows plc, on the acquisition of long-term insurance business from Lloyds TSB Life Assurance Company Limited and on the respective regulatory procedure
  • Carrefour, on the implementation of an insurance intermediary project for launching credit insurance (direct marketing, shopping basket, OTC savings account, product replacement) to its retail clients
  • Stavros Niarchos Foundation with respect to the structure of insurance coverage relating to the construction of the Athens Opera Complex (CAR for construction of the project, CAR for the Municipal Sports Park, employer’s liability, third party civil liability).
Subscribe to RSS - Insurance