New legislation recently passed by Parliament is expected to put an end to arbitrary discrimination by insurance companies against the elderly. Speaking on the program “Alpha News,” Financial Commissioner Valentina Georgiadou analyzed the radical changes brought about by the new framework, which is shifting the balance in the insurance sector.

As Ms. Georgiadou clarified, the law will take full effect on August 14, 2026, four months after its publication in the Official Gazette of the Republic. Although the initial intention was to provide protection exclusively to seniors over the age of 70, the scope of application was expanded for constitutional reasons. “It applies to the entire population with regard to third-party liability insurance,” the Financial Commissioner noted.

The most significant change introduced is the obligation for companies to provide citizens with timely and fully substantiated information. In cases where a company refuses to issue or renew a policy, as well as in cases of premium increases, the company in question is now required to notify the customer in writing three months in advance, stating the specific reasons and criteria for its decision.

Age is no longer the sole criterion for terminating or denying insurance coverage. Responding to a related question, Ms. Georgiadou clarified that “The company has the right to stop insuring you, but it can no longer do so based solely on age. It must also provide evidence of other factors that increase the risk.” Until now, she said, age “was sometimes the easy way to deny insurance renewal.”

The discussion also highlighted the serious financial burden currently borne by many older adults, who, due to the refusal of private companies, are forced to turn to the Insurers’ Consortium, paying exorbitant amounts ranging from 600 to 700 euros just to be able to drive legally. In fact, a case was cited in which an 80-year-old man was left uninsured in July—just a few weeks before the law’s official implementation—because his insurance company refused to renew his policy.

In such cases, the Office of the Financial Commissioner intervenes as a mediator to resolve disputes. Ms. Georgiadou urged citizens to file their complaints, emphasizing that “We will always strive to reach an amicable settlement so that proceedings are not delayed. We all understand that it makes sense for there to be an increase in the premium, but it should not be arbitrary.”