Regulator The Superintendent of Insurance is
the competent authority regulating the insurance sector in
Cyprus.
Overview
The Cyprus insurance market used to be a closed market served by
a limited number of domestic companies, but it has expanded
significantly since Cyprus joined the European Union in 2004. Today
the Cyprus insurance sector is highly competitive and the
implementation of EU directives has made the regulation of the
sector more sophisticated than ever. While this has increased costs
in the short term in some areas, policy holders enjoy far greater
peace of mind.
Cyprus has become an ideal base for insurance interests based
outside the EU aiming to tap into the opportunities offered by the
largest trading bloc in the world. The new insurance legislation,
enacted in 2016, established a credible and effective framework,
which is fully in line with EU standards. The high level of
professional services available locally inspires confidence, and
the
