Advertisement

Transparency in the Insurance Contract Law of Greece

  • Christos S. ChrissanthisEmail author
Chapter
  • 32 Downloads
Part of the AIDA Europe Research Series on Insurance Law and Regulation book series (ERSILR, volume 2)

Abstract

The macro-economic condition in Greece has been one continuing financial (public debt) crisis since 2008, which has also adversely affected the private sector of the economy and most particularly credit institutions. The average GDP per capita has substantially decreased by about 14% since 2007; it was about US$32,000 in 2007 and had fallen to about US$28,580 in 2018. This is reflected in the insurance market as well, as the total revenue from premiums and the average insurance premium per capita are steadily decreasing during the past years.

Notes

Acknowledgements

The author wishes to thank Miss Xenia Chardalia, LL.B., LL.M., LL.M. for her valuable legal insight and ideas in discussing the issues raised in this chapter.

References

  1. Carnell RS, Macey JR, Miller GP (2008) The law of banking and financial institutions, 4th edn. Wolters KluwerGoogle Scholar
  2. CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) Consultation Paper No. 34, Transparency and Accountability, (CEIOPS-CP-34/09), 26.03.2009Google Scholar
  3. Cerini D (2010) The information duties of insurance intermediaries. In: Rokas IK (ed) Insurance intermediaries, AIDA Distribution of Insurance Products Working Party 2010. Sakkoulas, Bruylant, p 159Google Scholar
  4. Chrissanthis C (2010a) Representative power of insurance intermediaries (agents and brokers) and imputation of their knowledge and fault. In: Rokas IK (ed) Insurance intermediaries, AIDA Distribution of Insurance Products Working Party 2010. Sakkoulas, Bruylant, p 49Google Scholar
  5. Chrissanthis C (2010b) Tied insurance intermediaries. In: Rokas IK (ed) Insurance intermediaries, AIDA Distribution of Insurance Products Working Party, 2010. Sakkoulas, Bruylant, p 9Google Scholar
  6. Chrissanthis C, Chardalia X (2017) Insurance and reinsurance law in Greece. In: The international comparative legal guide to insurance & reinsurance 2017. Global Legal Group, LondonGoogle Scholar
  7. Dong MI (2014) Market reaction to transparency: an empirical study on life insurance demand in Europe. ICIR Working Paper Series, No. 17Google Scholar
  8. EIOPA. Preparatory guidelines on product oversight and governance arrangements, 18.03.2016, EIOPA-BoS-16-071Google Scholar
  9. Fung A, Graham M, Weil D (2008) Full disclosure: the perils and promise of transparency. Cambridge University PressGoogle Scholar
  10. Galli G (2005) Towards a good governance in financial and insurance services: transparency in the life insurance industry in Italy. Geneva Papers 30:443–450CrossRefGoogle Scholar
  11. Healy PM, Palepu KG (2001) Information asymmetry, corporate disclosure and the capital market: a review of the empirical disclosure literature. J Account Econ 31:405–440CrossRefGoogle Scholar
  12. Hellenic Association of Insurance Companies, Annual Report for 2018Google Scholar
  13. Karamanakou E (2017) Tied insurance intermediaries and ancillary insurance intermediaries in European Union law and bank assurance. Commercial Law Rev, 772 [in Greek]Google Scholar
  14. Kennedy LJ et al (2012) The consumer financial protection bureau: financial regulation for the twenty first century. Cornel Law Rev 97:1141Google Scholar
  15. La Port R, de Silanes Florencio L, Shleifer A (1999) Corporate ownership around the world. J Finance 54:471 seqq.Google Scholar
  16. La Port R, de Silanes Florencio L, Shleifer A (2003) What works in securities laws? NBER 2003, Working Paper 9882, July, JEL No. G15, G18, G3, G22, P5Google Scholar
  17. Lang MH, Lundholm RJ (1996) Corporate disclosure policy and analyst behavior. Account Rev 71:467–492Google Scholar
  18. Lin S-L, Yang C-C (2013) Relationships between information transparency, corporate governance and D&O insurance. Int J Soc Behav Educ Econ Bus Ind Eng 7:2184–2187Google Scholar
  19. Looijenga M (2016) Customer centricity and transparency in the healthcare insurance sector. Wageningen UniversityGoogle Scholar
  20. Lualdi M (2005) Investor needs for transparency and good governance, and insurance reactions. Geneva Papers 30:467–476Google Scholar
  21. Marano P (2010) Which regulation for the reinsurance intermediaries? The present and future of the EU Directive 2002/92 EC. In: Rokas IK (ed) Insurance intermediaries, AIDA Distribution of Insurance Products Working Party, 2010. Sakkoulas, Bruylant, p 23Google Scholar
  22. Nat’l Sci. & Tech. Council, Smart disclosure and consumer decision making: Report of the Task Force on Smart Disclosure, 2013 (7)Google Scholar
  23. Rokas IK (2013) Freedom to fix premiums, adequacy of premiums for regulatory purposes and transparency of general terms and conditions relating to premium increases. Commercial Law Rev (Epitheorisi Emporikou Dikaiou), p 517Google Scholar
  24. Rokas I (2019a) Insurance intermediation. A commentary on law 4583/2018. Sakkoulas Publications [in Greek]Google Scholar
  25. Rokas I (2019b) Law 4583/2018 on the implementation of Directive 2016/97 EU on insurance distribution. Nomiko Vima (a Greek Law Review issued by the Athens Bar), p 3 [in Greek]Google Scholar
  26. Schwarcz D (2010) Regulating insurance sales, or selling insurance regulation? Against regulatory competition in insurance. Minn Law Rev 94:1707Google Scholar
  27. Schwarcz D (2014) Transparently opaque: understanding lack of transparency in insurance consumer protection. UCLA Law Rev 61:394Google Scholar
  28. Siegel C (2013) Solvency assessment for insurance groups in the United States and Europe: a comparison of regulatory frameworks. Geneva Papers 38:308–331Google Scholar
  29. Smith MJ-H (2010) Solvency II: The ambitious modernization of the prudential regulation of insurers and reinsurers across the European Union. Connecticut Insur Law J 16(2):357Google Scholar
  30. Vander Bauwhede H, Willekens M (2008) Disclosure on corporate governance in the European Union. Corp Gov 16:101–115CrossRefGoogle Scholar
  31. Varouchaki E (2016) Directive 2016/97 EU on distribution of insurance products and the obligations arising therefrom for insurance enterprises. Rev Private Insur Law, p 1 [in Greek]Google Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.University of AthensAthensGreece

Personalised recommendations