The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to an Insurance Undertaking with respect to the late submission of regulatory information to the Authority. The Authority has considered the clarifications submitted by the Insurance Undertaking and the goodwill demonstrated by the Insurance Undertaking and, on this basis, both parties have agreed to settle all pending matters.
Business Activity: Insurance Undertaking
FINDINGS:
The MFSA found failings in respect to:
- Section 8.6 of Chapter 8 of the Insurance Rules for failing to submit the Solo NMC for financial year ended 31 March 2020 within the regulatory deadline;
and
- Article 7(8) of the Insurance Business Act for failing to submit the Management Letter relating to the Audited Financial Statement for financial year ended 31 March 2020 within the regulatory deadline.
MEASURES
On 25 July 2024, the MFSA agreed to settle pending matters with the Insurance Undertaking after demonstration of goodwill by the Insurance Undertaking. By means of a settlement agreement entered into between the Insurance Undertaking and the MFSA, the latter imposed an administrative penalty of three thousand and six hundred Euro (€3,600) on the Insurance Undertaking.
PUBLICATION
This notice is being published in terms of the Authority’s Settlement Policy.
