INSURANCE INTERMEDIARIES IN MALTA

The Insurance Intermediaries Act 2006 which implements Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on Insurance Mediation provides the regulatory framework for the registration and enrolment of insurance intermediaries and for the carrying out of insurance intermediaries’ activities. The MFSA keeps registers of persons carrying on the insurance intermediaries activities of insurance agents, insurance managers and insurance brokers known as the Agents register, Managers Register and the Brokers Register. Persons who shall be entitled to be registered in the said registers are required to satisfy certain qualifications.  

 

 

Insurance intermediaries activities may be carried out by both individuals or legal persons. The MFSA also keeps a list of the persons and legal entities carrying on insurance intermediaries activities of insurance agents, insurance managers, insurance brokers and tied insurance intermediaries in the so-called Agents List, the Managers List, the Brokers List or the Tied Insurance Intermediaries List respectively. A company or a person who shall be entitled to be enrolled in the said list is also required to satisfy a number of obligations.The MFSA has the competence to strike off the name of any intermediary from its lists and registers on the grounds laid down in the Act.