7 September 2015
Our local associates have advised us that the Greek Government will pass relevant legislation to divide the MGF into two entities in order to be harmonized with the Solvency II Directive.
The MGF currently indemnifies third parties against 1) outstanding/unpaid claims due to uninsured vehicles and/or 2) vehicles insured through an insurer who is unable to operate due to bankruptcy or loss of license. We believe the two entities will be responsible for each of the aforementioned categories. Various provisions and legal procedures will need to be implemented to address the establishment, obligations and funding of the two new Funds.
There is no indication when the changes will take place or whether the existing Contribution will be changed. FiscalReps will update you on further developments.