Malta Insurance Consultation

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* Malta Insurance Consultation

The MFSA recently circulated insurance business proposals for legal notices/ministerial regulations and for new laws and amendments to existing laws. Pursuant to article 32 of the Insurance Business Act (Cap. 403), companies authorised to carry out insurance under the Act are required to submit business of insurance statements as set out in Insurance Rule 12 of 2007. The MFSAis proposing to add two new parts, Part E and Part I, in the schedule to the rule. Part E will contain the certificate by directors, the certificate by appointed actuary, and the auditors’ report. Part I is a new part which will be dedicated to miscellaneous business statements. The MFSA is currently issuing reinsurance business statements within Part I. Comments on the proposals are to be sent to the MFSAin writing by not later than March 28.

Malta Offshore Company