The Insurance legislation in Cyprus has undergone a major overhaul in 2002, as part of the harmonization procedure for accession to the European Union in 2004. The legislation has subsequently been amended to incorporate all the acquis communicaire in insurance.
The primary objectives of insurance laws and regulations are to protect policy holders’ interests, ensure confidence in the functioning of the insurance sector and market stability, and to enhance market transparency.
The Law applies to both local and foreign insurance entities (Non EU) who wish to carry out insurance business in the Republic, and the regulations and requirements are more or less similar for all insurance undertakings.
This publication aims at providing a general description of the insurance system in Cyprus. The information contained is based on the insurance legislation and practice in Cyprus since 2002.
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