Intermediaries to yield premiums in Seven Days

Intermediaries to yield premiums in Seven Days

Within one week of premium collection should an insurance intermediary give to the company the money received from policyholders.

This is what the Draft Act of the Bank of Greece provides. The Act regulates the code of conduct for insurance agents which will be publicly consulted by the relevant agencies by the end of August.

As explicitly stated in the Act, any conflicting regulation in the existing cooperation agreements between companies’ and the mediators is being repealed, while the breach of this particular obligation can result, in addition to fines, even in the permanent deletion of the intermediary from the Register.

Click here for the Greek article.

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