Supreme Court – Case Number 1862/2014

Supervision of insurance companies by the Ministry of Development. The purpose of supervision is to protect and secure the interests of the insured. Obligation to set up technical reserves and to dispose certain assets in the form of insurance reserves placement. Obligation to notify the Ministry of Development of the assets and of any change or modification of the insurance placements. Irregular deposit. If it results from the contract that the parties wished to apply the relevant provisions, the deposit is regular. Obligations and responsibility of the depositor. Rejection of the appeal. The Court of Appeal rightfully accepted that the appellant violated the obligation to inform the Ministry of Development of the change in the insurance reserves placement.