The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into matters related to an Insurance Principal with respect to late submission of regulatory information to the Authority. The Authority has considered the goodwill demonstrated by the Insurance Principal and agreed to settle all pending matters.
Business Activity: Insurance Principal
FINDINGS:
The MFSA’s investigation found failings in respect to:
- Article 20(1) of the Insurance Business Act and Paragraph 8.2.2 of Chapter 8 of the Insurance Rules with respect to the failure to submit the Audited Financial Statements for financial year ended 31 December 2020 by the stipulated regulatory deadline; and
- Paragraph 8.6 of Chapter 8 of the Insurance Rules with respect to the failure to submit the SOLO NMC for financial year ended 31 December 2020 by the stipulated regulatory deadline.
MEASURES
On 1 February 2024, the MFSA agreed to settle pending matters with the Insurance Principal after demonstration of goodwill by the Insurance Principal. By means of a settlement agreement entered into between the Insurance Principal and the MFSA, the latter imposed an administrative penalty of six thousand and four hundred Euro (€6,400) on the Insurance Principal.
PUBLICATION
This notice is being published in terms of the Authority’s Settlement Policy.
