Insured person’s rights

According to Law 4583/2018, the insurance intermediary is obliged to explain to the client the characteristics of each insurance product in an objective and comprehensible manner, enabling the client to choose an insurance product and decide whether to enter into an insurance contract after having been adequately informed about the insurance coverages, as well as the respective rights and obligations of both parties. Within this framework, Howden Hellas S.A. provides below a brief presentation of the rights of insured persons regarding the insurance products it distributes. It is also reminded that each client must consult their insurance intermediary for any specific case in order to receive personalised advice.

The policyholder reserves the right to object to the conclusion of the insurance contract pursuant to the provisions of article 2, paragraphs 5 and 6 of Law 2496/1997, in the following cases:
i.    Within an exclusive period of one (1) month from the date of delivery of the insurance policy, the insured may exercise the right to object if he finds that any provision of the content of the insurance contract deviates from the insurance application. It is noted that if the policyholder has not been informed of the deviations of the insurance policy in relation to the insurance application and has not been provided with a model objection, then the deviations do not bind the policyholder and it is considered that the content of the insurance application has been agreed.
ii.  Within a period of fourteen (14) days from the delivery of the insurance policy, the insured may exercise the right to object in the event that the insurance intermediary or the insurance company providing the product: a) has not disclosed to him/her at the time of submission of the application for insurance the information provided by article 150, paragraph 1 of Law 4364/2016, b) has not disclosed to him/her the insurance terms and conditions governing the insurance contract, mentioning them in the section of the insurance policy where the individualized details of the contract are listed and delivering them together with the insurance policy pursuant to the provisions of article 2, paragraph 4 of Law 2496/1997. If this period elapses without action, the insurance contract shall be valid retroactively, from the time of its conclusion. The above deadline does not start if the policyholder has not been informed of the right to object in writing or by a clear note on the first page of the insurance policy and has not been provided with a separate form of objection statement. The right to object is extinguished after ten (10) months from the payment of the first insurance policy.

In non-life insurance policies with a duration of more than one (1) year and in personal insurance policies, the policyholder is entitled to withdraw from the contract within fourteen (14) days from the delivery of the policy. The period does not start if the policyholder has not been informed about this right and this is not confirmed in writing. If the policyholder has not been informed, the right of withdrawal shall lapse two (2) months after the payment of the first premium. The right of withdrawal does not exist in non-life insurance policies, where coverage is provided immediately upon specific request by the policyholder. The period for exercising the right of withdrawal is suspended as long as the policyholder has a right of objection, in accordance with par. (ii) above. Especially in individual life insurance, the policyholder is entitled to withdraw from the insurance contract within 30 days from the moment he was informed of its conclusion.

The insured has the right to withdraw from the insurance contract without penalty and without giving any reason, pursuant to the provisions of Law 2251/1994 on consumer protection, when the insurance contract is concluded remotely. Withdrawal is made by completing and submitting a written statement within a period of 14 days exclusively (or 30 in cases of life insurance or pension insurance concluded remotely). For the start of the withdrawal period, either the date of conclusion of the contract remotely (or for life insurance, the date on which the consumer was informed of the conclusion) or the date on which the consumer received the terms and relevant information of the contract pursuant to Article 4i of Law 2251/1994, if this is later, is taken into account. It is noted that the right of withdrawal does not apply to travel and luggage insurance policies or other short-term insurance policies with a duration of less than one month. Furthermore, the deadline for exercising the right of withdrawal is suspended during the period during which the user has the right to object, as referred to in par. ( ii ) above.

If the insured decides to exercise his withdrawal or objection right pursuant to the law, the insurance contract is cancelled from the beginning, as if it had never existed. This means that it has no effect for either party. In this case, the premiums paid are refunded within 30 days of receipt of the declaration of withdrawal or objection by the insurance company, without any charge for the insured. However, if any service has been provided before the withdrawal, there may be a charge, pursuant to the provisions of par. 5 of article 4i of Law 2251/1994.

Please note that the right to object or withdraw applies under the limitations expressly stated in the legislative framework.

Finally, the insurance contract is terminated by termination notice pursuant to the conditions of articles 3, 4, 5 par. 1, 6 and 12, and 8 par. 2 of Law 2496/1997, as well as any other reason provided for in the individual insurance contract.