Insurance & Reinsurance

On the 9th of July 2024, the MFSA published a Circular setting out its expectations with regards to the requirements listed in paragraph 6.8 of Chapter 6: System of Governance of the Insurance Rules in circumstances where authorised undertakings: outsource a key and/or critical/important function to a service provider; and/or enter into an arrangement with a Managing General Agent (“MGA”) and/or an intermediary (“INT”) and/or a Third-Party Administrator (“TPA”), giving them delegated underwriting and/or claims and/or distribution authority. The MFSA made reference to the following authorised undertakings in this regard: authorised insurance undertakings, authorised reinsurance undertakings, captive insurance undertakings and…

On the 12th July 2024, the Malta Financial Services Authority (“MFSA”) published a Circular  introducing new passporting forms for (re)insurance undertakings as part of the MFSA’s efforts to address new requirements emanating from the Cross Border Notification Platform launched in February 2023. Three new forms (new application, changes, discontinuation) were published to ensure that the MFSA and host member states have proper access to all relevant information with the aim of enhancing supervision and ensuring a level of uniformity between EEA jurisdictions. Moreover, the MFSA’s aim for this update is to also ensure targeted access to all relevant information, thereby…