Greece: New Coverholder Certificate

Law Decree 400/1970 Regarding Private Insurance Undertakings has been replaced by a new Insurance Law (L. 4364/2016) dated 5 February 2016. One of the changes in the new law is the removal of the requirement for Lloyd’s General Representative to countersign policy documents issued by Lloyd’s coverholders in Greece in respect of business written on an establishment basis. However, the requirement for insurance documents to be signed by the insurer or a representative of the insurer in order to be recognised as a valid document remains in place.

This means that with immediate effect, the General Representative’s signature will not appear on coverholder certificates and they will only contain the signature of the coverholder, which is consistent with Lloyd’s practice in almost all other EU member states.

To coincide with this change, Lloyd’s and the LMA have produced a new coverholder certificate for Greek establishment business which should be used, with immediate effect, for risks incepting or renewing. Greek establishment business is insurance risks located in Greece that are written by a coverholder in Greece under a full, pre-determined rates or no discretion binding authority agreement.

The new coverholder certificate is comprised of the policy jacket LMA3137J and the schedule LMA3137S. Both documents are available on the Lloyd’s Wordings Repository in English or Greek.

For further information please visit Crystal or contact LITA.

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