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Insurance & Reinsurance

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MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier Insurance & ReinsuranceLegal Updates

MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier

On the 8th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on Adopting the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) Revised Guidelines on the Legal Entity Identifier (hereinafter referred to as “the Guidelines”) which became applicable on the 1st July 2022 and which repealed the Guidelines on the use of the Legal Entity Identifier. The Legal Entity Identifier (hereinafter referred to as “LEI”) is a 20-character, alpha-numeric, code which is unique to each legal entity participating in financial transactions. Each LEI code contains information about an entity’s…
Mamo TCV Advocates
24th August 2022
MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation Insurance & ReinsuranceLegal Updates

MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation

On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations. These amendments are being carried out to ensure that the MFSA adheres to the EU Notice on the adaptation in line with inflation of the amounts laid down in the Solvency II Directive which was published on the 19th October 2021 (hereinafter referred to as “the Notice”) and the Revised Guidelines on the Valuation of Technical Provisions and the Revised Guidelines…
Mamo TCV Advocates
23rd August 2022
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EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. 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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MFSA Issues Note for Information on the General Good Provisions Applicable to European Insurance Undertakings Passporting in Malta Insurance & Reinsurance

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

Following the application of the Conduct of Business Rulebook to the insurance sector on the 1st 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 16th 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 rules (also referred to as the general good provisions) in…
Romina Bonnici
22nd April 2019
MAMO TCV Advocates speaker and panel member at FinanceMalta London event on Malta’s Proposition for UK Financial Services on the 21st February 2019. Insurance & Reinsurance

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

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 give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact Dr. Edmond…
Romina Bonnici
20th February 2019
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Utmost Good Faith in Insurance Contracts Insurance & Reinsurance

Utmost Good Faith in Insurance Contracts

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. The plaintiff therefore obtained a Contractors All Risk Insurance…
Veronica Grixti
23rd October 2018