ECONOMY

Insurance bill under fire

The Panhellenic Insurance Advisers’ Association (PSAS) yesterday joined the chorus of reactions against a draft bill on the creation of a new overseeing authority for the industry, protesting its exclusion from representation on it. PSAS said in a statement that the exclusion of both private insurance workers and the insured from the new body does not contribute to transparency. Consumer association EKPOIZO has also complained about the exclusion of consumer organizations from the board of the proposed authority, where the only institutional body represented is the Association of Insurance Companies of Greece, the employers’ organization. PSAS said the exclusion raised an issue of both a moral and political nature, as a legal preparatory committee had recommended to the opposite and the responsible Development Ministry had provided assurances for its representation. The composition of the board of the new overseeing authority in the draft bill has been subject to successive changes, as an initial document provided for the inclusion of all parties involved. The final document, which was tabled in Parliament last week and is now at the discussion stage, provides for a seven-member board, excluding representatives of PSAS and the Auxiliary Fund of insurance companies. Separately, the European Commission said yesterday it is referring eight EU countries, including Greece, to the European Court of Justice for not having yet incorporated into national legislation a directive regarding consumer protection when insurance companies are liquidated. The directive stipulates preferential treatment for holders of insurance policies in such an eventuality.