Best Reinsurance Lawyers in Arta

About Reinsurance Law in Arta, Greece

Reinsurance is the insurance of insurance companies. A cedent transfers part of its risk to a reinsurer to stabilize results, protect capital, and increase underwriting capacity. In Greece, reinsurance activity is part of the wider insurance regulatory framework supervised at national level by the Bank of Greece and influenced by European Union rules. Businesses and individuals in Arta encounter reinsurance most often indirectly, for example when local insurers rely on treaties to cover catastrophic events, large industrial risks, or agricultural exposures common to the Epirus region.

Reinsurance arrangements can be treaty or facultative, proportional or non-proportional, and are frequently governed by international market standards. Contracts often include choice of law and arbitration clauses, and they may be written in English using widely adopted templates. Even when counterparties are outside Greece, Greek public policy, data protection, tax, and supervisory rules still matter for cedents and intermediaries operating from Arta.

Why You May Need a Lawyer

You may need reinsurance-focused legal help in several situations. Insurers and captives may require advice when negotiating or renewing treaties, drafting facultative certificates, or assessing collateral and security arrangements such as trust accounts or letters of credit. Claims professionals might seek counsel when handling complex loss advices, aggregation and hours clauses, notice and cooperation issues, follow the fortunes follow the settlements language, or commutations and buy-backs.

Corporate and regulatory projects often need legal input, including portfolio transfers, run-off strategies, regulatory reporting under Solvency II, or authorization and passporting questions for reinsurers and intermediaries. Cross-border placements raise questions about choice of law, jurisdiction or arbitration, enforceability of cut-through clauses, and recognition of foreign judgments and awards. Data sharing with reinsurers triggers GDPR compliance. In distressed situations such as insurer insolvency or counterparty downgrade, parties need guidance on recoveries, set-off, credit risk mitigation, and priority of claims. Local counsel can also coordinate with Athens-based specialists, arbitral institutions, or foreign counsel when a dispute or transaction spans multiple jurisdictions.

Local Laws Overview

Supervision and authorization. The Bank of Greece supervises insurance and reinsurance undertakings operating in Greece. Solvency II is implemented primarily through Law 4364/2016 and related secondary acts issued by the Bank of Greece. EU reinsurers authorized in another member state may passport into Greece. Third-country reinsurers can participate subject to conditions, and recognition of risk mitigation for solvency purposes may depend on equivalence or collateral.

Distribution and intermediaries. Insurance and reinsurance distribution is governed by the Insurance Distribution Directive as transposed by Law 4583/2018. Intermediaries must meet fit and proper, professional competence, conduct, and registration requirements. Local registration is handled through the competent chambers and the central register. Cross-border broking and delegation chains require careful compliance mapping.

Contract law. Greek reinsurance contracts are generally governed by freedom of contract, the Greek Civil Code, and commercial law principles. Law 2496/1997 on insurance contracts focuses on primary insurance and usually does not apply to reinsurance unless expressly agreed. Reinsurance agreements frequently adopt foreign law, often English law, which Greek courts and arbitral tribunals will respect if properly agreed and not contrary to Greek public policy.

Tax. Insurance premium tax applies to many primary insurance premiums, but reinsurance premiums are generally not subject to Greek insurance premium tax. Corporate income tax, withholding, and VAT questions require fact-specific analysis based on the parties, risk location, and services supplied.

Data protection. GDPR and Greek Law 4624/2019 apply to personal data shared with reinsurers. Cedents must ensure a lawful basis, data minimization, appropriate safeguards for transfers outside the EEA, and written agreements that allocate controller-processor or controller-controller roles correctly. Claims files often contain sensitive data that require heightened protections.

Anti-money laundering and sanctions. AML obligations under Law 4557/2018 apply to insurance undertakings and relevant intermediaries. EU restrictive measures and export controls must be observed in underwriting and claims settlements, especially for cross-border risks and financial flows.

Dispute resolution. Reinsurance disputes commonly use arbitration. Greece modernized its arbitration framework with Law 5016/2023, aligning closely with the UNCITRAL Model Law. Greece is a party to the New York Convention, facilitating recognition and enforcement of foreign arbitral awards. Where court litigation is chosen, jurisdiction and venue clauses typically steer commercial reinsurance disputes to agreed courts. Local courts in Arta can hear matters when jurisdiction is appropriate, but many complex cases proceed in Athens or abroad.

Insolvency and guarantee schemes. Insurer winding-up and resolution follow Solvency II-based rules and national insolvency provisions under the supervision of the Bank of Greece. Policyholder protection schemes exist for certain classes, but they do not substitute for reinsurance. Insureds generally have no direct claim against reinsurers unless a valid and enforceable cut-through or assignment exists, and even then outcomes can be constrained by insolvency rules.

Frequently Asked Questions

What is reinsurance and how does it differ from insurance?

Insurance protects individuals or businesses against defined risks. Reinsurance protects insurers by allowing them to transfer part of those risks to another company. This stabilizes results, protects capital, and enables larger or more volatile risks to be underwritten.

Who regulates reinsurance in Greece?

The Bank of Greece supervises insurance and reinsurance undertakings and enforces Solvency II requirements. EU level standards set by EIOPA also apply. Local procedural and contract rules are set by Greek law and the Greek Civil Code.

Do reinsurers need a Greek license to write Greek risks?

EU reinsurers may passport their services into Greece if properly authorized in their home state. Third-country reinsurers can participate subject to Greek and EU conditions. Cedents seeking full risk-mitigation credit for solvency purposes must consider equivalence, collateral, and counterparty credit quality.

Can a Greek insurer buy reinsurance from a non-EEA reinsurer?

Yes, subject to regulatory and capital considerations. To receive full solvency credit, cedents may need the reinsurer to come from an equivalent jurisdiction or provide acceptable collateral or other risk-mitigation arrangements.

Which law governs reinsurance contracts placed from Arta?

Parties usually choose the governing law in the contract, often English law for market familiarity. Greek courts and arbitral tribunals will generally respect this choice. If no choice is made, conflict-of-law rules determine the applicable law. Greek public policy and mandatory rules can still apply.

Are reinsurance premiums taxed in Greece?

Reinsurance premiums are generally not subject to Greek insurance premium tax. Other taxes may apply depending on the structure, parties, and services, so case-specific tax advice is recommended.

Can an insured person in Arta claim directly against a reinsurer?

Usually no. The insured claims against the insurer, and the insurer seeks recovery from its reinsurer. Direct claims require a valid cut-through clause or an assignment that is recognized and enforceable, and even then insolvency and priority rules may limit effectiveness.

How are reinsurance disputes resolved in practice?

Most reinsurance contracts provide for arbitration, sometimes seated in Athens or in a foreign seat such as London. Greece recognizes and enforces foreign arbitral awards under the New York Convention. If litigation is chosen, jurisdiction clauses and Greek procedural law determine the competent court.

What data protection rules apply when sharing claims files with reinsurers?

GDPR and Greek Law 4624/2019 apply. Cedents must ensure a lawful basis for sharing, minimize data, execute appropriate data-sharing agreements, and use approved safeguards for transfers outside the EEA. Sensitive data in medical or liability claims require special care.

What happens to reinsurance if an insurer becomes insolvent?

Reinsurance remains an asset of the insurer’s estate. Recoveries from reinsurers are used according to insolvency and priority rules. Policyholder protection schemes may assist certain classes of policyholders but are not a substitute for the reinsurer’s obligations to the cedent.

Additional Resources

Bank of Greece - Department of Private Insurance Supervision can provide guidance on authorization, solvency, and reporting. The Hellenic Association of Insurance Companies offers market information and professional guidance for insurers and reinsurers. The Hellenic Association of Insurance Brokers and other intermediary associations provide professional standards and training relevant to reinsurance distribution. The Chamber of Arta can assist with local registration matters for intermediaries. The Hellenic Financial Ombudsman can help consumers with primary insurance disputes, which may indirectly affect reinsurance issues at the cedent level. The European Insurance and Occupational Pensions Authority issues guidelines and Q&A that inform Greek supervisory practice. Professional education bodies in Greece specializing in insurance can support training on reinsurance wording, claims, and compliance.

Next Steps

Clarify your objective. Identify whether you need help with placing or renewing reinsurance, complying with regulation, handling a claim or recovery, negotiating a commutation, or resolving a dispute. This will drive the selection of counsel and the strategy.

Gather key documents. Assemble the slip or treaty wording and all endorsements, bordereaux and exposure data, claims notices and correspondence, actuarial analyses, collateral agreements, and any prior settlement or commutation documents. Keep a clear chronology of events and decision points.

Check time limits. Review contractual notice provisions, claims cooperation clauses, and limitation periods. Greek law and the chosen governing law may impose strict deadlines. Do not wait to seek advice if a deadline may be approaching.

Select appropriate counsel. Look for a lawyer with reinsurance experience and familiarity with Solvency II, IDD, cross-border placements, and arbitration. For matters seated outside Greece, your lawyer in Arta can coordinate with counsel at the chosen seat. Confirm conflicts, fee arrangements, and a realistic budget.

Address compliance early. Confirm GDPR-compliant data sharing, AML checks, and any sanctions exposure. Validate that counterparties and intermediaries hold required registrations or authorizations. Consider the capital impact of counterparty credit quality and collateral structure.

Consider dispute resolution options. Evaluate negotiation, mediation, or arbitration under the contract. If litigation is likely, assess jurisdiction, enforceability, and the need for expert evidence on market practice.

Plan execution. Define milestones and responsibilities for drafting, approvals, regulator notifications, filings with the Bank of Greece when required, and communications with brokers and counterparties. Maintain a secure repository for documents and a single point of contact to avoid inconsistent messaging.

This guide provides general information and is not legal advice. For a tailored assessment, consult a qualified reinsurance lawyer familiar with Greek and international market practice.