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Insurance & Reinsurance

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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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Malta’s Proposition to the Insurance Sector Insurance & Reinsurance

Malta’s Proposition to the Insurance Sector

​One may well ask, with so much competition, what can Malta offer which distinguishes it from other jurisdictions?During the past years, Malta's economy has flourished into one of the most dynamic economies within the European Union (EU). It has recorded positive and strong economic performance.European Commission Spring 2019 Economic Forecast for Malta estimates real GDP growth for 2018 at 6.6% and unemployment rate at 4%.This robust performance has contributed to Malta being re-affirmed with high credit ratings from rating agencies such as Standard and Poor's, and Fitch and Moody's.In the financial services sphere, Malta has been making a name for…
Romina Bonnici
29th May 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
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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