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Insurance & Reinsurance

Mamo TCV Advocates: Insurance
Key Decision by the Financial Arbiter on Life Insurance Policies with Investment Insurance & ReinsuranceLitigation & Dispute Resolution

Key Decision by the Financial Arbiter on Life Insurance Policies with Investment

In a decision given on the 8th of August 2024 with respect to the case ASF 013/2024, the Arbiter for Financial Services (hereinafter referred to as the ‘Arbiter’) rejected a complaint filed against a Life Insurance Provider regarding a life insurance policy with an investment element which the complainant had purchased from the Life Insurance Provider in the year 2000. The complainant claimed that the said policy had matured to a significantly lower amount than what he alleged was initially promised upon its purchase. More specifically, the complainant asserted that he bought the life insurance policy as he believed that…
Jeanine Mallia Schembri and Clarice Debono
3rd September 2024
EU Flags
MFSA Outlines Expectations for (Re)Insurance Outsourcing and Authority Delegation Insurance & Reinsurance

MFSA Outlines Expectations for (Re)Insurance Outsourcing and Authority Delegation

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…
Mamo TCV Advocates
7th August 2024
Regulatory Compliance Quarterly Update | Q2 2024 Insurance & ReinsuranceInvestment Services & FundsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q2 2024

We are pleased to issue our ninth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services, CSPs, fintech, insurance undertakings and insurance intermediaries. Our ninth Regulatory Compliance Quarterly Update can be found here .The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do not hesitate to contact Michael…
Mamo TCV Advocates
2nd August 2024
businessman giving contract to woman to sign
MFSA Updates Passporting Process for (Re)Insurance Undertakings Insurance & Reinsurance

MFSA Updates Passporting Process for (Re)Insurance Undertakings

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…
Mamo TCV Advocates
31st July 2024
Mamo TCV Advocates - DORA Services
Six Months Until DORA: Mamo TCV Advocates Launches Detailed Overview Banking & FinanceCapital MarketsDORAFinTechInsurance & Reinsurance

Six Months Until DORA: Mamo TCV Advocates Launches Detailed Overview

On the 17th of January 2025, the Digital Operational Resilience Act (DORA) will become applicable across the EU, including Malta. Maltese financial entities and ICT providers have 6 months to prepare for the new legal obligations that shall be imposed. In conjunction, on the 17th of January 2025, the Malta Financial Services Authority Act (Digital Operational Resilience Act (DORA)) Regulations, shall also come into force, further regulating the matter in Malta. We have recently launched our DORA microsite (www.doramalta.com) with easily understandable information which can serve as your reference point for available guidance. This document does not purport to give legal, financial…
Mamo TCV Advocates
17th July 2024
Mamo TCV Advocates - DORA Services
Are you ready for DORA? Banking & FinanceCapital MarketsDORAInsurance & ReinsuranceTelecoms, Media & Technology

Are you ready for DORA?

The ‘Digital Operational Resilience Act’ or “DORA” (Regulation (EU) 2022/2554) shall be enhancing and improving Information and Communications Technology (‘ICT’) operational risk requirements across various financial sectors. Subsequently, it imposes obligations on a vast array of different financial entities, as well as certain ICT service providers that assist such financial entities. These financial entities include the following: Credit institutions Account information service providers Investment firms Alternative Investment Fund Managers Crypto-asset service providers Payment institutions Central securities depositories Credit rating agencies Data reporting service providers Insurance and reinsurance undertakings Insurance intermediaries Crowdfunding service providers Mamo TCV Advocates can provide assistance by…
Mamo TCV Advocates
18th June 2024