December 3, 2022

Occupational insurance

Occupational Insurance in Greece was established by Articles 7 and 8 of Law 3029/2002 (Government Gazette, Series I, No 160) and is the second pillar of insurance.

Occupational Insurance Funds (TEA) are non-profit legal persons governed by private law. They aim at providing the persons insured and beneficiaries with benefits, supplementary insurance protection in addition to that provided by compulsory social insurance and they operate on the basis of the funded system (Article 7(5) of Law 3029/2002).

Articles 7 and 8 of Law 3029/2002 (Government Gazette, Series I, No 160), as amended and in force, set out the provisions regarding the establishment, purpose, supervision and control of the Occupational Insurance Funds (TEA). In particular, pursuant to Article 8 of Law 3029/2002, the supervision of TEAs is exercised by the Minister for Labour and Social Affairs and the Directorate of Supplementary and Occupational Insurance and concerns the observance of the law, the protection of the interests of the insured and the solvency of the TEAs. The Minister for Labour and Social Affairs may take all appropriate measures, including administrative sanctions and, indicatively, administrative fines, to prevent or remedy any malfunction which is detrimental to the interests of the insured.

Article 9 of Law 3029/2002 (Government Gazette, Series I, No 160) shared the responsibility for the supervision and control of the TEAs with the National Actuarial Authority. The control exercised by the National Actuarial Authority concerns the financial operation and viability of the Occupational Insurance Funds.

As of 2014, pursuant to Law 4261/2014 (Government Gazette, Series I, No 107), the Hellenic Capital Market Commission is also jointly in charge of the control and supervision of the TEAs, the supervision and control of the correct implementation of the law, as in force, in particular for the observance of the stipulated investment limits, the observance of the investment regulations of the Occupational Insurance Funds (TEA) and the appointment of a custodian and/or management company if a TEA does not manage its investments itself.

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