Overview
Malta's entry into the European Union in 2004 opened the doors to important business opportunities for local business, in particular to the Maltese financial services sector which benefited from access the European Market under the freedom to provide services and/or the freedom of establishment regimes.
On the other hand, carrying on business on an international level comes along with a variety of challenges which licensed entities are to manage to guarantee a sound performance of the business, the protection of the consumer irrespective of his place of residence and ultimately a fair competition.
The cross-border business has always been considered as a priority for the MFSA in terms of supervisory activities and in fact it has always been at the forefront in all initiatives related to passporting, in the proactive engagement with the other regulators in order to have a continuous, transparent and trustworthy collaborative relationship and also in the maintaining an open channel of communication with the industry to lay clearly the authority’s expectations in terms of regulatory requirements.
In this regard, the Insurance and Pensions Function within the MFSA has taken the initiative to revamp the passporting notification forms, which are the national adaptation of the Board of Supervisors Decision’s templates of 2018, in order to further enhance our regulatory and supervisory activities on the cross-border business and lay the Authority’s expectations.
The revamp includes additional questions which should provide the Authority with a better understanding of the business being marketed in other member states, its volume and also any regulatory implications in terms of governance and financial assessments.
The intention is to gather from the very beginning all the necessary information for the correct analysis of the notification thus ensuring a smoother process and clearer communication with the host member state regulatory authorities.
Who Should Attend
- Compliance Officers of Insurance Undertakings
Agenda
| 09:00H | Registration | |
| 09:15H | Introduction
Ray Schembri - Head of Insurance and Pensions Supervision, MFSA |
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| 09:25H | Cross-Border Business - Opportunities, Challenges and Regulatory Supervision
Adrian IUGA - Seconded National Expert, EIOPA |
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| 09:45H | Presentation of Forms
Anthony Tomaselli Chetcuti - Senior Technical Officer, Insurance and Pensions Supervision, MFSA |
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| 10:25H | Question and Answers | |
| 10:45H | Closing Remarks
Romina Farrugia - Deputy Head, Insurance and Pensions Supervision, MFSA |
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| 10:55H | Networking | |
Registrations
The Authority encourages interested participants to register by filling in the form below by not later than Wednesday 10 July 2024.
Registration is on a first come, first served basis.
Speakers
Head of Insurance and Pensions Supervision, MFSA
Ray Schembri
Ray Schembri joined the MFSA in February 2019 as Head of Insurance and Pensions Supervision and is responsible for the prudential supervision of insurance companies, insurance intermediaries and pension operators. Throughout his professional career spanning over 30 years, he held various senior executive positions and directorships with major insurance groups operating in Malta. An Associate of the Chartered Insurance Institute, Mr Schembri has specialised in Insurance Broking, Insurance Operations Management, Insurance Projects Management, Insurance Portfolio Transfers, Risk Management and Captive Insurance Management.
Deputy Head, Insurance and Pensions Supervision, MFSA
Romina Farrugia
Romina Farrugia is Chair of the Authorisation Forum and the Deputy Head of the Insurance and Pensions Supervision function within the Malta Financial Services Authority (MFSA). Romina is an Accountant by profession and joined MFSA in February 2006, gaining significant experience in both the supervision as well as the authorisation of undertakings within the Insurance and Pensions sector.
Assistant Manager, Insurance and Supervision, MFSA
Jennifer Saliba
Jennifer Saliba is an Assistant Manager within the Insurance & Pensions Supervision Function of the MFSA, where she has been employed for over 25 years. She is an Associate of the Chartered Insurance Institute, UK and a Chartered Insurance Practitioner. Her experience is mostly with regards to supervision and authorisation processes of Insurance Undertakings and Insurance Intermediaries.
Senior Technical Expert, Insurance and Supervision, MFSA
Anthony Tomaselli Chetcuti
Anthony Tomaselli Chetcuti has joined the MFSA in 2019 after gaining professional experience in Malta and abroad in both private and public sector. He is part of the Authorisation team within the Insurance and Pension Supervision Function and he is in charge of the passporting procedure, thanks to which he has gained expertise in the cross border business, and become a contact point in this matter for the industry, the EEA regulators and EIOPA.
Seconded National Expert, Oversight & Supervisory Convergence, EIOPA
Adrian Iuga
Mr Adrian Iuga is an actuary by profession and an insurance supervisor specialised in internal model. Former student of ENS Ulm, after which he successfully completed a PhD in financial Mathematics and a program in management at ENPC MBA Paris. He has been working with the Autorité de contrôle prudentiel et de resolution since October 2014 and since 2021 he is part of the Oversight & Supervisory Convergence unit at EIOPA as Seconded National Expert.
