Insurance Regulatory

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Rokas is the historic market leader in insurance law matters. Our services range from litigation to regulatory. They cover the entire range of needs of insurance business offering exceptionally comprehensive and innovative solutions. Our expansive insurance team in Athens, which is supported by our teams specialising in other sectors, offers expert advice in matters of outmost complexity in a commercially minded way. We understand the commercial aspect of the insurance transaction, which enables us to make a unique contribution to the drafting and interpretation of insurance terms.

Being at the forefront on insurance regulatory matters during the last 44 years, we are proud to have contributed to the expansion of the EU insurance law into national laws, including the laws of Romania, Serbia, Bosnia & Herzegovina (known as “legi greci”), as well as the Russian Federation. In Greece, Rokas’ name partner Prof. Ioannis Rokas has participated in the drafting of a number of insurance related laws and regulations, and was the General Reporter and Chairman of the Committee which drafted the new Greek Insurance Contract Act, the innovative legislation which radically re-shaped the legal framework for the insurance contract in Greece.

Prof. Rokas heads our insurance law team. He is Honorary President of the International Insurance Law Association (AIDA), consisting of 57 national insurance law associations which involve more than 10,000 insurance experts all over the world. An acclaimed academic and practitioner, he was member of the EU project group ‘Restatement of European Insurance Contract Law’ which joined the ‘European Network of Excellence on European Contract Law’ and drafted the 'Principles of European Insurance Contract Law' (PEICL). Prof. Rokas has published reference books and articles on insurance law.

Our partners and team of experts advise (re)insurance undertakings and intermediaries on all aspects of insurance businesses and transactions from establishment to getting licensed and to complying with their regulatory requirements, may these involve insurance or related matters such as GDPR, corporate/ESG obligations, FATCA or AML due diligence. Also, we advise EU and third Country insurance companies and intermediaries on providing cross border services and help them comply with supervisory regulatory requirements placed by the Regulator and other State Agencies.

‘I could characterize Rokas Law Firm as the expert of insurance. The partners involved in insurance have in depth knowledge and experience. The provision of services is quite high and specialized. More specifically, the firm provides consulting services as well as representation before courts.’ Legal500, 2020

We focus on assisting insurance business entities with addressing their ventures, covering all the related regulatory and legal aspects encompassing transactions, agreements, transfer of portfolios, drafting sophisticated schemes for Group Pension Funds, innovations and new products, partnerships, joint ventures, and mergers & acquisitions. We engage in the legal due diligence of target undertakings.

Ioannis Rokas, Christos Theodorou, Alkistis Christofilou are all very experienced professionals that can provide end to end legal advice and assistance. Christos Theodorou provides advice and insight in very complex legal issues and has the capacity to address any issue that might be involved to the case. Alkistis Christofilou can provide business oriented and professional legal advise in relation to corporate matters while at the same time she can think outside the box finding solutions in different situations.’ ‘The insurance team is extremely knowledgeable and responsive.’ Legal500, 2020

The firm has represented numerous (re)insurance companies and intermediaries on an ad hoc, regular or permanent basis. Our clients include life and non life insurance companies, mutuals and composites, captives, first insurance and international reinsurance brokers and other intermediaries as well as Regulators, Government bodies, Guarantee Funds, etc.

Companies active in other sectors, such as banks and financial institutions partnering with insurance companies, have also engaged our services in the area of bancassurance or PRIIPs and on the marketing and development of insurance investment and other new products. We also provided services to global players and major local commercial and industrial units on sophisticated coverage issues.

Recent matters

  • Brexit and the realm of regulated and admitted services (insurance, insurance distribution, insurance based investment services).
  • Education: developing an on-line educational tool for the 2,500 employees of systemic bank engaged in bancassurance.
  • Advising market players on compliance with the major regulatory changes (Solvency II, IDD, PRIIPs, MiFID II, GDPR).
  • Corporate governance, ESG and the interplay with the specific governance requirements of the insurance regulatory framework.
  • Advising third country reinsurers on the reciprocity and risk transfer level when supporting local carriers.
  • Advising on corporate transformations of international carrier on the cross-border absorption of a Greek subsidiary and the transformation of its local presence into a branch. Also, on the transformation of the local branch of a US insurer to a subsidiary, both via tax neutral transactions.
  • Supporting insurers and intermediaries in Regulator’s and Consumer Protection Authority investigations.
  • Transfer of qualified shareholdings and regulatory approvals required.
  • Tailoring innovative insurance & insurance based investments products to local market and compliance needs. Financial Innovation hub in Greece.

 

Insurance & Reinsurance

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