Benefits
The Fund provides coverage to insurance claims rising from all life insurance contracts/ operations, carried out by Greek companies, or branches of Greek companies, or through the freedom of services act on behalf of Greek companies in Greece or in another state - member of EU and EEA. In addition, it provides coverage to insurance claims arising from all life insurance contracts/ operations carried out, in Greece, by companies based in EU and/or EEA or 3rd countries through their branch in Greece or through the freedom of services act. Specifically for operations carried out in Greece through branches, or freedom of services act, on behalf of insurance companies based in EU and/or EEA the coverage holds only if they are not covered by a respective life fund in their home country.
The coverage extends to all sectors of life insurance, per insurance contract and insured person, except claims arising from additional coverage of hospital expenses. The coverage is equal to 100% of each claim with maximum 30,000€ for life and 60,000€ in case of death and permanent total disability.
Exemptions of the coverage
The Fund does not cover the additional coverage of hospital care/ expenses.
Also not included in coverage are claims on behalf of:
- Individuals who served in the insurance company, during the five years preceding the revocation of its license or its bankruptcy, as members of its Board or directors, managers, as well as individuals Article 55 of Decree 400/1970 including their spouses and relatives up to second grade.
- Individuals holding more than 5% of the share capital of the insurance company including their spouses and relatives up to second grade.
- Individuals responsible for auditing the financial statements of the insurance company including their spouses and relatives up to second grade.
- Individuals described in the preceeding paragraphs 1, 2 and 3 within third companies associated companies with the insurance company.
- Other companies included in the supplementary financial supervision of the insurance company under the broader relation within an insurance or reinsurance group, in accordance with Articles 6a, 6b and 6c of Law 400/1970.
- Individuals responsible, in any way, with their actions or omissions in the deterioration of the insurance company’s financial situation, including their spouses and relatives up to second grade.