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 enhancing supervision from prudential, conduct, and financial perspectives regarding cross-border activities. This includes providing complete, correct, and timely information and setting the MFSA’s expectations for the minimum requirements of the passporting procedure.
Applicants are to submit the new passporting forms via the LH Portal which forms can be accessed here.
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