Jan 1, 2018

IPS Participation

From January 2018, the insurance company GΕΝΙΚΙ PANELLADIKI will participate equally in the implementation of the amicable settlement agreement establishing the “Immediate Payment System – IPS.”

According to the IPS, in the event of a road accident and provided that the insurance companies involved have joined the amicable settlement system, the insurance company of the driver not responsible for the accident may compensate him/her on behalf of the company of the liable driver. In addition to the material damage of the not responsible for the accident vehicle under the ISP, the injuries of the not responsible driver and the passengers are also compensated.

The limits set by the ΙSP Administrative Committee, amount to €6,500 for material damage compensation, and in terms of personal injury to €30,000 per accident, with a maximum of €12,000 per injured person.

In the context of the inclusion of GENIKI PANELLADIKI in the ISP, the Managing Director of the company Mr. Efstathios Froussos pointed out that: “The participation of GENIKI PANELLADIKI in the Friendly Settlement is the first of the important steps we have planned for 2018, the year we celebrate our Company’s 40th anniversary. Our integration into the Immediate Payment System is another proof of the healthy growth, economic robustness and high solvency of GENIKI PANELLADIKI, which for 2017 reached 220%. In addition, it is an important asset for our policyholders, who can now be compensated very quickly, directly by their insurance company.”

What is an Amicable Settlement?

The “Amicable Settlement”, which established the “Immediate Payment System-IPS”, was created in May 2000 between insurance companies of the motor liability insurance industry, with a view to compensating the not liable driver and passengers involved in a motor accident, relieving them of the need to turn against the insurance company of the liable driver.