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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Jun
04

Mamo TCV participates in FinanceMalta Annual Conference held on the 17th May 2018

Mamo TCV participates in FinanceMalta Annual Conference held on the 17th May 2018
Mamo TCV participated in the FinanceMalta Annual Conference which took place on the 17th May 2018 at the Hilton Conference Centre, St Julians.Ms. Romina Bonnici – Senior Manager, Regulatory & Compliance represented the firm as a Panellist on the Panel Discussion dealing with the Insurance Distribution Directive 2016/97.The Panel Discussion provided an overview of this Directive and its main changes compared to the Insurance Mediation Directive 2002/92/EC with the discussion focusing on its implementation and relevance to the Maltese market.
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May
30

The European Commission proposes to amend the Motor Insurance Directive

The European Commission proposes to amend the Motor Insurance Directive
On the 24 th May, 2018, the European Commission tabled a proposal to the European Parliament and Council regarding the introduction of a number of amendments to the Motor Insurance Directive (Directive 2009/103/EC) (the 'Directive'). The proposed changes follow a public consultation which took place between July and October 2017. The following are the amendments being proposed by the European Commission: Insolvency of an insurer: If the insurer of the vehicle responsible for an accident is insolvent, victims will be fully compensated in their Member State of resid...
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