The Superintendent of Insurance after taking into account the provisions of article 394LB(ΛΒ) the Law on the Exercise of Insurance and Reinsurance Business and Other Related Issues of 2016, as amended from time to time, ("the Law") as well as the provisions of Article 59(6B) of The Prevention and Suppression of Money Laundering Activities Law of 2007, as amended from time to time, ("the AML Law") decided to lay down the following procedures for receiving reports on:
(i) possible or actual breaches of provisions of Part VIII of the Law,
(ii) possible or actual breaches of the obligations of the obliged entities as defined in the AML Law
hereinafter referred to as the "Breaches".
It is emphasised that these reports should be sufficiently substantiated. It is noted that, any difference between an insured and an insurance undertaking and/or an insured person and a person involved in the distribution of insurance products or the distribution of reinsurance products arising from an insurance contract, does not fall within the meaning of the breaches referred to in these Orders. For such cases please click here.
Reports of Breaches may be submitted to the Superintendent, either by email to firstname.lastname@example.org or by sending a written report to the following address:
29 Lordou Vyronos Avenue,
It is noted that in case of sending a written report, the word "CONFIDENTIAL" should be written in a visible place on the envelope that will be sent.
The above reports should be accompanied by:
i. The name of the distributor or distribution company of insurance products or insurance/reinsurance company who has committed the Breach,
ii. Full details of the Breach and the facts on which it is based ("Who", "Where", "When"),
iii. Any documents which may be in the possession of the person filing the report of Breach which support that report,
iv. The type of Breach and who else knows about it,
v. The details of the person submitting the report (name and full contact details).
The Superintendent designates a specific team that processes the reports of Breaches. Reports of Breaches as well as any accompanying documents are considered as Confidential Documents, therefore the procedures for processing and archiving of confidential documents in force in the Public Service are followed.