The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to Advent Insurance PCC Ltd (“Advent” or “the Undertaking”) in relation to failings which resulted from the Authority’s supervisory engagement with the Undertaking. The Authority has considered the goodwill demonstrated by Advent, in particular the Undertaking’s commitment to be in line with the Insurance Business Act, and agreed to settle all pending matters.

Address:

Advent Insurance PCC Ltd
The Landmark
Level 1 Suite 2
Triq I-Iljun
Qormi

Business Activity: Protected Cell Insurance Company

FINDINGS

The MFSA found failings in respect to Article 38(4) of the Insurance Business Act wherein Advent, in October 2019, failed to notify the MFSA with a change in qualifying shareholding of Autorama Cell.

MEASURES

On 12 June 2023, the MFSA agreed to settle pending matters with Advent after demonstration of goodwill by the Undertaking, inter alia by demonstrating its commitment to be in line with the Insurance Business Act. By means of a settlement agreement entered into between the Undertaking and the MFSA, the latter imposed an administrative penalty of three thousand Euro (€3,000) on Advent.

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.