What is Occupational Insurance

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Occupational Insurance
What is Occupational Insurance

What is Occupational Insurance

It is a system of pensions by social and private institutions, which effectively applies at European and international level and combines the redistributive and funded system, allowing the greatest possible dispersion of demographic and economic risks. The Occupational Pension Funds are intended to provide to the insureds and beneficiaries, benefits of occupational protection, in addition to the provision of compulsory social security, for insurance risks and indicatively for the risks of old age, death, occupational accidents, illness, unemployment etc. They offer benefits in kind or in money payable periodically or as a lump sum.

When they offer pension benefits, they apply funded pension schemes.

The Occupational Pension Funds emerge today as a convincing solution of supplementary insurance on the basis of the second pillar.

Main features of OPF

Optional insurance with respect to the establishment of Funds and insurance participation for the members.
Established on a voluntary basis, on the initiative of employees or employers or by agreement of the two parties.
Non-profit, autonomous and self-managed legal entities of private law jurisdiction.
Based on professional attribute, employment in the same employer or employment sector.
A basic prerequisite is the participation of at least 100 members.
Operate according to the funded pension scheme
Provide supplementary insurance for risks such as death, accident, disability, illness or job loss. Pay benefits on a periodic or lump-sum basis.
OPFs are supervised by the Ministry of Labor and Social Security and audited by the National Actuarial Authority.
Their Investments are supervised and audited by the Hellenic Market Capital Commission.
The financial data and statements are audited by certified accountants.
Their operation is regulated by statute.
Obligation of website maintenance where the following data are posted:
1. Statute
2. All regulations
3. Actuarial Report
4. Detailed Portfolio Analysis
5. Budget and Expenditures
6. Decisions for supply of goods or services
7. Important acts of the Board of Directors
8. Update the members’ Insurance Rights
9. Electronic access to the member’s individual retirement account
10. Annual Information Note showing the growth of the individual retirement account from the beginning of the participation (contributions, investment returns, management fees and starting and ending balances of each year)
Managed by four-year Board of Directors which consists of members’ and employers’ representatives and third party persons.