European Institutional Framework and Supervision
European Union legislation
The operation, control and supervision of the IESP-TEAs are governed by EU Regulations and Directives, as applicable.
The basic legislative framework that governs the activities and the supervision of the IESP-TEAs is Directive (EU) 2341/2016 (IORP II Directive), which was incorporated into Greek legislation with Law 4680/2020 (Law 4680/2020, Government Gazette, Series I, No 72).
The Ministry of Labour and Social Affairs is responsible for harmonising domestic legislation with EU legislation and ensuring the uniform application of EU law in the field of occupational insurance.
Cross-border activity in relation to IESPs
Occupational Pension Institutions may benefit from the principles of free movement of capital and freedom to provide services in the European Union and manage occupational pension schemes for companies established in another Member State.
An IESP which carries out cross-border activity must comply with the provisions of social and labour legislation on occupational pension schemes, as well as with the requirements to provide information to members, candidate members and beneficiaries in force in the host Member State (Member State whose social and labour laws relating to occupational pension schemes govern the relationship between the financing undertaking and members or beneficiaries).
The Ministry of Labour and Social Affairs, in collaboration with the National Actuarial Authority and the Hellenic Capital Market Commission, establishes the terms and conditions for the exercise of cross-border activity of domestic or foreign IESPs.
European Insurance and Occupational Pensions Authority (EIOPA)
The European Insurance and Occupational Pensions Authority (EIOPA) ( www.eiopa.europa.eu) is one of the three European Supervisory Authorities under the European Financial Supervision System. It was established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council and has been operating since 1 January 2011. EIOPA is responsible for the activities of insurance undertakings, reinsurance undertakings, financial conglomerates, insurance intermediaries and institutions providing occupational pension services.
EIOPA’s tasks include ensuring the consistent, efficient and effective application of EU law, strengthening supervisory convergence, providing opinions to the European Parliament, the Council and the Commission, and conducting financial market analyses. At the same time, EIOPA monitors developments in European legislation and issues guidelines and recommendations.
The Ministry of Labour and Social Affairs represents the country as the competent authority for occupational insurance in EIOPA with the aim of promoting supervisory convergence and implementing the European institutional framework. In this context, in cooperation with the National Actuarial Authority and the Hellenic Capital Market Commission, it submits financial data concerning the field of occupational insurance and participates in the procedures, Working Groups, bodies and Committees of EIOPA.
Organisation for Economic Co-operation and Development (OECD)
The work of the Organisation for Economic Co-operation and Development (OECD) (https://www.oecd.org/pensions/private-pensions) in the field of private pensions (personal – professional) mainly involves:
- examining private pension schemes worldwide;
- analysing political and technical issues;
- formulating policy recommendations and guidelines;
- collecting information and data on private pensions.
OECD actions in the field of private pensions are the subject of the Working Party on Private Pensions (WPPP). The WPPP aims to strengthen the efforts of the OECD and national governments to develop an appropriate and effective regulatory framework for private pension schemes, to improve the financial standing of those schemes, and to protect members and beneficiaries.
The Ministry of Labour and Social Affairs adopts OECD regulatory standards and guidelines, sends qualitative and quantitative data and information on occupational pensions and participates in WPPP annual meetings.
