According to the legislation (article 169 of Law 4261/2014), the renewal of the insurance policy requires the payment of the premiums for the next insurance period before the expiry of the current insurance policy and is a prerequisite for the renewal of the insurance. Otherwise, the car’s insurance, which is compulsory by law, will expire and from the day after the expiry date the vehicle is uninsured.
Life Assurance Fund
It was established by Law 3867/2010 and concerns life insurance contracts. The purpose of the Life Guarantee Fund is to transfer all or part of the life portfolio of an insurance company in liquidation to another insurance company or to other insurance companies, and if this becomes impracticable, to terminate and cancel life insurance contracts and to pay a sum of money against the value of such contracts, as well as to pay a sum of money against outstanding claims and benefits payable
It provides coverage for insurance claims arising from all life insurance policies and life insurance operations, drawn up or carried out in Greece or in another EU member state and the European Economic Area through a branch of an insurance company or through the free provision of services in Greece.
The coverage extends to all life insurance branches, per insurance policy and per insured person, with the exception of claims arising from supplementary hospital care coverages. The cover is equal to 100% of any life insurance claim up to the amount of EUR 30,000 per beneficiary for termination benefits and insurance policy surrenders and up to the amount of EUR 60,000 for death and permanent total disability compensations.