Insurance Intermediaries update: the Insurance Distribution Directive and the proposed amendments to the Insurance Intermediaries Act and the Insurance Business Act

Insurance Intermediaries update: the Insurance Distribution Directive and the proposed amendments to the Insurance Intermediaries Act and the Insurance Business Act
Further to the MFSA Circular on the transposition of the Insurance Distribution Directive ('IDD') issued on the 10th April 2017, the MFSA has now issued a consultation document highlighting the main changes proposed to be carried out to the Insurance Intermediaries Act ('IIA') as well as the Insurance Business Act ('IBA'). Attached to the consultation document are the draft bills amending the IIA and IBA. The MFSA has also issued for consultation the proposed Insurance Distribution (Exemption) Regulations, 2017. A. Insurance agent, broker and managerThe IDD intro...
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Malta: Securitisation Cell Companies

Malta: Securitisation Cell Companies
The Securitisation Cell Companies Regulations (S.L. 386.16) which were enacted on the 28th November 2014 provide for an effective and robust legal framework for segregation of different sets of assets and risk instrument within a single special purpose vehicle, the Securitisation Cell Company, permitting the creation of multiple securitisation transactions without incurring any risk of cross-contamination between the different creditors and investors of the individual cells.To date the Maltese regulator, the Malta Financial Services Authority has 36 notified secur...
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Captive Review: Malta Focus

Captive Review: Malta Focus
The captive continues to be considered as an important alternative risk transfer tool for an increasing number of companies including SMEs. Despite the fact that the captive insurance market continues to attract more interest, it requires to adapt itself to the new challenges of the 21st century. Increased compliance costs and higher capital requirements seem to be shifting the interest of captive owners from stand-alone captive to cell captives forming part of a Protected Cell Company structure. Malta provides the right regulatory environment and a diverse select...
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Brexit and the Insurance Market – Destination Malta?

Brexit and the Insurance Market – Destination Malta?
following the June 2016 decision of the UK voters to exit from the European Union, a number of players in the London insurance market started querying the possible long-term effects of Brexit. The main concern that is being flagged refers to the access to the EU single market. Undoubtedly, the single passport regime proved to be a successful story for the EU, which underpinned the continued growth and solidity of the EU's financial services industry. But, what if Brexit actually happens, the UK has to forfeit its right to access the EU single market and its f...
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Mamo TCV Obtains Favourable Decision for Plaintiffs in Insurance Proceedings

Mamo TCV Obtains Favourable Decision for Plaintiffs in Insurance Proceedings
In a judgement dated 31st October 2016 presided by Mr. Justice Anthony Ellul, in the names Atlas Insurance PCC Ltd and Middlesea Insurance plc in their name and as subrogated in the rights of the insured Attard Bros Company Ltd vs Elmo Insurance Ltd, the Civil Court, First Hall held that the concept of double insurance in terms of English law was recognised in Malta and therefore the defendant company was obliged to contribute to the payment made by the plaintiff companies. This decision makes an important contribution to the body of Maltese insurance substantive ...
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