The End of PISC (Private Insurance Supervision Commitee, ΕΠ.E.I.A.)

The End of PISC (Private Insurance Supervision Commitee, ΕΠ.E.I.A.)

PISC (Private Insurance Supervision Committee) stopped supervising the insurance companies until the new law, which makes the Bank of Greece the new supervisor, is voted by the Greek parliament. Furthermore, PISC will be inactive two months after the Bank of Greece is the new supervisor and is prepared to take actions.

According to the PISC, there is no time left for the committee to take action on new cases hence, there is no need to initiate research within the insurance companies.

According to information, PISC will not make the new list of insurance companies that should have their assets checked by the law as they should by article number 6 of the law.

Furthermore, there will be no further research for the second half of the fiscal year 2009. Research stops at the first six months as there is no time left for the Committee to complete the task.

As far as the Proti Insurance Company’s increase of share capital is concerned, PISC will only chack whether the actions have been taken and not do further research.

Click here for the Greek article.

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