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Insurance & Reinsurance

Insurance & ReinsuranceLitigation & Dispute Resolution

The Distribution of the Life Insurance Proceeds Between Ex-spouses

The First Hall, Civil Court delivered a judgement on the 13th July 2023 (Rikors Nru: 749/2020FDP) about the manner in which the maturity proceeds of a life policy with profits were to be distributed by the defendant insurer, Eagle Star (Malta) Limited, between the plaintiff and the other defendant (the latter two, collectively referred to as “the ex-spouses”). The life policy was issued in the name and on the life of the plaintiff while said plaintiff was married to the other defendant and their matrimonial regime was regulated by the community of acquests. Before the life policy had matured, the…
Veronica Grixti
6th September 2023
Insurance & ReinsuranceLitigation & Dispute Resolution

Rainfall or No Rainfall

In a judgement dated 25th January 2023 in the names Knightsbridge Developments Limited vs Citadel Insurance plc, Rik. Nru. 978/08 (TA), the Court of Appeal explained how the exclusion in the insurance policy prevailed over the application of the concept of proximate cause, as it is commonly applied. This decision makes an important contribution to the body of Maltese insurance substantive law. This case focused on an insurance claim made by the plaintiff against the defendant insurance company under a ‘Contractors All Risk Policy’ that was issued by the defendant insurance company in favour of the plaintiff  in relation to…
Veronica Grixti
31st August 2023
Insurance & ReinsuranceInvestment Services & FundsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q2 2023

We are pleased to issue our fifth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services and asset management, company service providers, insurance undertakings, and insurance intermediaries. Our fifth Regulatory Compliance Quarterly Update can be found here.The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do not hesitate…
Mamo TCV Advocates
17th July 2023
Insurance & ReinsuranceInvestment Services & FundsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q1 2023

We are pleased to issue our fourth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management, Company Service Providers, Insurance Undertakings, and Insurance Intermediaries. Our fourth Regulatory Compliance Quarterly Update can be found here.The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do not hesitate…
Mamo TCV Advocates
17th April 2023
EIOPA publishes Supervisory Statement on the Use of Governance Arrangements in Third Countries
Insurance & Reinsurance

EIOPA publishes Supervisory Statement on the Use of Governance Arrangements in Third Countries

On the 2nd of February 2023, the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) published a Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities (hereinafter referred to as the “Statement”). This Statement has been published in the context of EIOPA’s previous emphasis on insurance undertakings to institute corporate substance proportionate to the nature, scale and complexity of their business. The aim of this Statement is to strengthen the level of supervision and monitoring of insurance undertakings’ and insurance intermediaries’ compliance with relevant legislation in connection with their governance…
Edmond Zammit Laferla and Tessa Borg Bartolo
14th April 2023
Title [Capitalize the first letter of all words in the title - except short ones like ‘a’, ‘of’ etc.] [Please keep News Update Titles as short as possible} MFSA publishes Consultation Document on Proposed Amendments to the Insurance Business Act and Insurance Distribution Act
Insurance & ReinsuranceLegal Update

Proposed Amendments to the IBA and IDA set out by MFSA in Consultation Document

The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments. The amendments which have been put forward are geared towards allowing insurance undertakings authorised under the IBA, enrolled persons and companies under the IDA forming part of a group of companies, as well as Maltese branches or subsidiaries of multinational groups, to share confidential client information…
Mamo TCV Advocates
24th February 2023