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COVID19 MeasuresInsurance & Reinsurance

EIOPA issues recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure due to COVID-19 outbreak

In a bid to ease the challenging environment being experienced by insurance and reinsurance undertakings as a result of the COVID-19 outbreak, EIOPA has issued recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure ("EIOPA Recommendations").The EIOPA Recommendations urge competent authorities to ease reporting and disclosure requirements falling under the Solvency II Directive applicable to the insurance sector.The EIOPA recommendations apply to the following reporting and disclosure obligations: 1. Regular Supervisory Report both at solo and group level; 2. Annual Quantitative Reporting Templates both at solo and group level; 3. Q1-2020 Quantitative Reporting Templates and the…
MamoTCV Advocates
25th March 2020
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Banking & FinanceCOVID19 MeasuresInsurance & ReinsuranceInvestment Services & FundsLegal Update

FIAU issues circular extending REQ submission deadline

 The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…
MamoTCV Advocates
18th March 2020
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COVID19 MeasuresInsurance & Reinsurance

MFSA issues circulars in the light of COVID-19 outbreak

Amidst the constant unfolding of the situation surrounding the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has recently issued a number of circulars targeted at the local financial services sector in general and also sector specific.  The following is an overview of the COVID-19 related circulars issued by the MFSA between the 10th March and the 13th March 2020: A.MFSA General Circularsa)MFSA expects licensed firms to have in place COVID-19 Contingency and Business Continuity PlansOn the 10th March 2020, MFSA issued a general circular applicable to all local financial services reguslated entities highlighting the MFSA expectations that regulated firms take…
Romina Bonnici
17th March 2020
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Insurance & Reinsurance

Insurance Brokers as Protected Cell Companies

The continuous growth in popularity of the Protected Cell Company (PCC) structure in Malta is an ongoing trend. This is evidenced by the increase year on year since the legislation came into force in 2004 in the number of insurance undertakings being established as PCCs, reaching 16 as at the end of September 2019 with 55 approved protected cells.This success story is also noticeably emerging in the insurance intermediary sector.Taking advantage of the fact that the Maltese PCC legislation also extends to insurance managers and insurance brokers, Malta is experiencing growth in the establishment or conversion of such intermediaries into…
Romina Bonnici
30th November 2019
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Insurance & Reinsurance

EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.

On the 31st October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued the responses provided by the competent authorities of each individual member state in relation to the 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union' which EIOPA had published on the 19th February 2019 ("the EIOPA Recommendations"). In its response to EIOPA Recommendations, the Maltese financial services regulator, the Malta Financial Services Authority (MFSA), has indicated that it complies or will comply with the recommendations included in the EIOPA Recommendations.In particular, in its response, MFSA indicated that a communication…
Romina Bonnici
27th November 2019
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Insurance & Reinsurance

Malta’s Proposition to the Insurance Sector

​One may well ask, with so much competition, what can Malta offer which distinguishes it from other jurisdictions?During the past years, Malta's economy has flourished into one of the most dynamic economies within the European Union (EU). It has recorded positive and strong economic performance.European Commission Spring 2019 Economic Forecast for Malta estimates real GDP growth for 2018 at 6.6% and unemployment rate at 4%.This robust performance has contributed to Malta being re-affirmed with high credit ratings from rating agencies such as Standard and Poor's, and Fitch and Moody's.In the financial services sphere, Malta has been making a name for…
Romina Bonnici
29th May 2019