Apr
22

MFSA Issues Note for Information on the General Good Provisions Applicable to European Insurance Undertakings Passporting in Malta

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Following the application of the Conduct of Business Rulebook to the insurance sector on the 1 st October 2018, there was a lacuna in terms of the rules which European insurance undertakings are required to observe when carrying on cross-border business in Malta on a freedom of services basis. To address this lacuna, on the 16 th April 2019, MFSA issued amendments to Chapter 9 of the Insurance Rules on Freedom of Establishment and Freedom to provide Services by a European Insurance Undertaking and a European Reinsurance Undertaking. These amendments identify the r...
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Feb
20

MAMO TCV Advocates speaker and panel member at FinanceMalta London event on Malta's Proposition for UK Financial Services on the 21st February 2019.

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FinanceMalta is organizing an event entitled 'Malta's Proposition for UK Financial Services' with a high-level focus on Malta, consisting of four focused discussions on Asset Management, Insurance, Private Wealth, and Blockchain.  Ms. Romina Bonnici, Senior Manager-Regulatory & Compliance at Mamo TCV Advocates, will be addressing an introductory speech during the Insurance discussion on Malta's landscape of opportunities in insurance. Ms. Bonnici will also be a panel speaker on the insurance panel discussion. Disclaimer This document does not purport to g...
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Oct
23

Utmost Good Faith in Insurance Contracts

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This article was written by Veronica Grixti and Joshua Chircop. In a judgement presided by Mr. Justice Toni Abela, in the names Knightsbridge Developments Limited vs Citadel Insurance plc , the Civil Court, First Hall held that the principle of utmost good faith in insurance contracts applies not only at the moment of conclusion of the contract but also throughout the course of the performance of such contract. The plaintiff company was planning to build a block of nineteen apartments with garages, a semi-basement car park and a cafeteria in St. Paul's Bay, Malta....
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Jul
17

Publication of the Insurance Distribution Act and Insurance Distribution Rules

Publication of the Insurance Distribution Act and Insurance Distribution Rules
i.  The Insurance Distribution Act On the 10 th July 2018, Act No. XXVI of 2018 was published bringing about changes to the Insurance Intermediaries Act (to be renamed as the 'Insurance Distribution Act' and which transposes the Insurance Distribution Directive (the 'IDD'). Act No. XXVI of 2018 shall come into force once the Commencement Notice is published in the Government Gazette. ii.  Insurance Distribution Rules On the 12 th July 2018, the MFSA announced the publication of Insurance Distribution Rules (the 'IDRs') issued under the Insurance Distribu...
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Jun
05

EIOPA Opinion on the solvency position of insurers and reinsurers in the light of Brexit

EIOPA Opinion on the solvency position of insurers and reinsurers in the light of Brexit
On the 18th May 2018, the EIOPA issued an Opinion on the solvency position of insurers and reinsurers in the light of Brexit. The withdrawal of the UK from the EU might have an impact on the solvency position of insurers and reinsurers.Technical provisions, own funds, and capital requirements of insurance and reinsurance undertakings established in the EU (other than the UK) can change when the UK becomes a third country (non-EU), for the purposes of applying the Solvency II framework. Solvency II and other financial regulations distinguish between activities insi...
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