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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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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May
29

MamoTCV contributes to the 6th edition of The Insurance and Reinsurance Law Review

MamoTCV contributes to the 6th edition of The Insurance and Reinsurance Law Review
MamoTCV has contributed to the 6th Edition of The Insurance and Reinsurance Law Review which was published in May 2018. This review has been edited by Peter Rogan (Ince & Co LLP) and provides an overview of the legal and regulatory regime for (re)insurance undertakings and intermediaries in 30 jurisdictions. The publication provides guidance on legal and market developments in each jurisdiction aiding comparative analysis. The publication encourages a business-focused approach in comparison to standard legal guides. MamoTCV's contribution to the Malta chapter ...
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Mar
22

Postponement of the applicability of the Insurance Distribution Directive

Postponement of the applicability of the Insurance Distribution Directive
On 14 March 2018, the European Parliament and the Council of the European Union adopted Directive 2018/411 postponing the application of the Insurance Distribution Directive ('IDD') to 1 October 2018. Directive 2018/411 also extends to 1 July 2018 the deadline for member states to transpose the IDD into national laws. The European Parliament held that the postponement from 23 February 2018 to 1 October 2018 for the coming into force of the IDD is to give insurance undertakings and insurance distributors more time to better prepare for a correct an effective implem...
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Aug
01

Insurance Intermediaries update: the Insurance Distribution Directive and the proposed amendments to the Insurance Intermediaries Act and the Insurance Business Act

Insurance Intermediaries update: the Insurance Distribution Directive and the proposed amendments to the Insurance Intermediaries Act and the Insurance Business Act
Further to the MFSA Circular on the transposition of the Insurance Distribution Directive ('IDD') issued on the 10 th April 2017, the MFSA has now issued a consultation document highlighting the main changes proposed to be carried out to the Insurance Intermediaries Act ('IIA') as well as the Insurance Business Act ('IBA'). Attached to the consultation document are the draft bills amending the IIA and IBA. The MFSA has also issued for consultation the proposed Insurance Distribution (Exemption) Regulations, 2017. A. Insurance agent, broker and manager The IDD intr...
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