The Malta Financial Services Authority (“MFSA”) decided to impose an administrative penalty of twenty-three thousand Euro (€23,000) on the Company in terms of the Insurance Business (Penalties for Offences and Infringements) Regulations.

Address:

Axeria Limited
Axeria Business Centre
380, Level 2
Canon Road
Santa Venera SVR 9033

Business Activity: Reinsurance Undertaking.

BREACHES

Axeria Re Limited was found to be in breach of Article 37 of the Insurance Business Act which requires an authorised undertaking carrying on reinsurance business, to obtain the Authority’s prior approval when proposing to transfer all or part of its business.

REGULATORY ACTION

On 11 March 2021 the Malta Financial Services Authority decided to impose an administrative penalty of twenty-three thousand Euro (€23,000) on Axeria Re Limited.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

UPDATED ON 12 APRIL 2021

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.