Commissioners will be Placed on Insurers

Commissioners will be Placed on Insurers

Bank of Greece, which since December 1st has responsibility for the insurance market supervision, will make immediate decisions for 3 or 4 insurance companies that are in dire financial position.

According to the files submitted by the Private Insurance Supervisory Committee to the Bank of Greece, 3 or 4 companies are not able to cover their reserves’ shortfalls, despite PISC’s favorable decision that gave them the opportunity to fill any capital shortfall in three “installments”.  As such, the new supervisory authority should move very quickly.

To the extent that the Bank of Greece considers its intervention absolutely necessary, it should then decide whether to place a commissioner or move more vigorously.

Click here for the Greek article.

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