Overview
The MFSA Insurance Conference will be an event dedicated to fostering dialogue and collaboration within the insurance industry. This year, we have decided to focus on two critical themes shaping the sector, the Solvency II Review Package and cross-border business. With the regulatory landscape evolving rapidly, it is essential for industry stakeholders to stay informed and prepared for the challenges and opportunities that lie ahead.
The conference provides a platform for regulators, industry leaders, and experts to explore the implications of the Solvency II reforms, designed to enhance policyholder protection and ensure financial stability. Additionally, we will delve into the complexities and benefits of cross-border operations, a key driver of growth and innovation in the European insurance market.
Join us as we engage in insightful discussions, share best practices, and pave the way for a resilient and dynamic insurance ecosystem.
Who Should Attend
- Insurance Sector
Agenda
| 08:30H | Registration & Welcome Coffee | |
| 09:15H | Opening Statement
Kenneth Farrugia - Chief Executive Officer, MFSA |
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| 09:30H | Keynote Speech: Trends in Regulation and Supervision
Christopher P. Buttigieg - Chief Officer Supervision, MFSA |
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| 09:45H | Keynote Speech: The IPS Supervisory Initiatives
Ray Schembri - Head of Insurance and Pensions Supervision, MFSA |
|
| 10:00H | Keynote Speech: Reflections on Solvency II
Petra Hielkema - Chairperson, European Insurance and Occupational Pensions Authority (EIOPA) |
|
| 10:20H | Coffee Break | |
| 11:00H | Solvency II Review Context and Key Points
Alberto Corinti - Lecturer of Economy of Financial Intermediaries, Bocconi University, Milan |
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| 11:20H | Panel Session: Solvency II Review – MFSA Panel on the Different Aspects of the Package Implementation
Ray Schembri - Head of Insurance and Pensions Supervision, MFSA (Moderator) Andrea Zerafa - Deputy Head, Insurance and Pensions Supervision, MFSA |
|
| 12:00H | Q&A Session | |
| 12:10H | Cross-Border Business and Solvency II Review from the Perspective of a Host Country
Damian Jaworski - Director of the International Cooperation Department, Polish Financial Supervision Authority |
|
| 12:30H | Lunch | |
| 14:00H | Panel Session 2: Cross-Border Business | Challenges and Opportunities | |
| 15:00H | Coffee Break | |
| 15:30H | Panel Session 3: Industry Panel – The Future of Insurance | |
| 16:30H | Concluding Remarks
Jesmond Gatt - Chairman, MFSA |
|
| 16:40H | Networking | |
Registrations
The Authority encourages interested participants to register here by not later than Tuesday 4 February 2025.
Registration is on a first come, first served basis. Participants who attend will be eligible for CPD hours.
Photos will be taken during the event with the intent to publish such photos on social media channels and websites. By registering, one would be granting consent to such data being used.
Speakers
Chairman, MFSA
Jesmond Gatt
Jesmond Gatt was appointed as Chairman of the Board of Governors of the Malta Financial Services Authority in 2023. Mr Gatt joined the Central Bank of Malta in 1984, graduating in Mathematics and Computing at the University of Malta in 1995. During his career at the Bank, which spans over 37 years, he has worked on all major IT projects holding the position of Chief Officer responsible for retail banking services, management of currency and the regulation of payment systems and infrastructures. He formed part of the core financial sector team which oversaw the changeover to the Euro in Malta in 2008. Since Malta became part of the European Union he has been a member of a number of Euro system and European Commission committees working on payments systems and the management of euro notes and coins. He has also participated in a number of European Commission initiatives drawing up payment systems regulations. Since 2016 he has been sitting on the Board of the FIAU, acting as Chairman to the Board from 2020. In December of 2022 he has taken up the role of Chief Executive Officer at the Malta Government Investments.
Chief Executive Officer, MFSA
Kenneth Farrugia
Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.
Chief Officer Supervision, MFSA
Christopher Buttigieg
Dr Christopher P. Buttigieg was appointed as Chief Officer Supervision in March 2020 following his appointment as Chief Officer Strategy, Policy and Innovation in 2019. During his tenure as Head of Securities and Markets Supervision before 2019, which stretched over four years, Dr Buttigieg was responsible for work in the field of policy, regulation and supervision of securities, markets and FinTech. He joined the Authority in 2000 as Manager in the Investment Services Unit and has gained professional experience in various areas of financial regulation, supervision, the investigation of market misconduct and the enforcement of sanctions. Dr Buttigieg was responsible for implementing various pieces of EU legislation in the field of securities and markets and has led different regulatory and supervisory teams within the Authority. He sits on the Authority’s Supervisory Council and represents the MFSA at various European Fora on financial regulation and supervision. He is the MFSA’s alternate member on the ESMA Board of Supervisors and is the Chair of the ESMA Data Standing Committee. Dr Buttigieg is a lecturer in the Banking and Finance Department of the University of Malta and has published various papers on financial regulation and supervision in academic and professional journals. For a period of two years, up to April 2015, Dr Buttigieg was a director on the board of the Malta Resources Authority, Malta’s energy regulator. In 2015, the President of Malta appointed Dr Buttigieg as a member on the board of the Fund for Voluntary Organisations. Dr Buttigieg is also a member of the Board of Trustees of the Academy of European Law (Trier).
Head, Insurance & 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 & Pensions Supervision, MFSA
Luciano Micallef
Luciano Micallef is the Deputy Head of the Insurance and Pensions Supervision function within the Malta Financial Services Authority (MFSA). He is a Fellow of the Chartered Insurance Institute, an Associate of The London Institute of Banking and Finance, holds an Honours degree in Financial Services, and a Masters degree in Risk Management. Luciano started his career in the insurance industry where he spent 15 years working mostly in the non-life sector. He joined the MFSA in February 2012 and is currently managing a team responsible for the prudential oversight of authorised insurance and reinsurance undertakings, insurance intermediaries, retirement schemes, retirement funds and retirement plan service providers, including business carried out in an EU Member State or EEA State, either through establishment or under freedom to provide services. The primary area of responsibility is ensuring that license holders implement an effective system of governance and risk management system in line with the applicable regulation.
Deputy Head, Insurance & Pensions Supervision, MFSA
Alfred Parnis
Alfred Parnis, FIA, CPA, MBA (Melit.) is a Certified Public Accountant. He is Deputy Head within Insurance and Pensions Supervision at the Malta Fianancial Services Authority and has been involved in the regulation of insurance undertakings over the past 30 years.
Deputy Head, Insurance & Pensions Supervision, MFSA
Andrea Zerafa
Dr. Andrea Zerafa is a warranted lawyer and currently holds the position of Deputy Head within the Legal and Regulatory team of the Insurance and Pensions Supervision within the MFSA. Dr. Zerafa has been working at the MFSA for the past eleven years and has been involved in a number of projects, namely the transposition of the Solvency II Directive, the Insurance Distribution Directive and the IORP II Directive in Maltese Legislation.
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.
Senior Manager, Insurance & Pensions Supervision, MFSA
Bernard Valletta
Bernard is a Senior Manager within the Actuarial Function of the Insurance and Pensions Supervision Team at the MFSA. An Associate of the Institute and Faculty of Actuaries, Bernard has been a key contributor to the MFSA's prudential supervision of insurance and reinsurance undertakings for the past five years, with a focus on various actuarial aspects such as Solvency II technical provisions and internal models. Bernard has actively contributed to international regulatory discussions through EIOPA, in order to help enhance MFSA's alignment with best practices in the supervision of insurance and reinsurance undertakings. Prior to joining the Insurance and Pensions Supervision Team, Bernard gained valuable experience in financial risk management during a four-year tenure with the Depositor and Investor Compensation Schemes. With a Bachelor's degree in Mathematics and Physics from the University of Malta, Bernard combines strong analytical expertise with hands-on regulatory experience to ensure compliance with evolving prudential standards within the insurance industry.
Chairperson, European Insurance and Occupational Pensions Authority (EIOPA)
Petra Hielkema
Petra is the Chairperson of EIOPA and has been leading the Authority since September 2021, following her appointment by the European Council on 27 May 2021 after confirmation by the European Parliament on 18 May 2021. In 2025 Petra is chairing the Joint Committee (the role rotates between the ESA Chairs). In that capacity she is also deputy Vice Chair of the ESRB Steering Committee and the ESRB General Board in 2025. Petra was appointed as Vice Chair of the IAIS Executive Committee in December 2024. Besides that, she is the Champion of the IAIS Fintech Forum. Prior to this role Petra was Division Director of Insurance Supervision at De Nederlandsche Bank (DNB, the Dutch Central Bank) as well as Alternate Member of the EIOPA Board and Chair of the EIOPA Policy Committee. Petra joined DNB in February 2007 as a policy advisor, contributing to the development of Solvency II. In 2013 she became Head Insurance Policy and in 2015 she was appointed as Head of the DNB Expert Centre for Fit & Proper assessments. In February 2017 Petra started as Director of Payments and Market. Prior to joining the Dutch Central Bank fulfilled several roles working in Central Asia. Petra has a European Masters in Law & Economics and a Masters in Russian Studies. She is married and proud mother of three children.
Lecturer of Economy of Financial Intermediaries, Bocconi University, Milan
Alberto Corinti
Alberto Corinti is a lecturer of Economy of Financial Intermediaries at the Bocconi University in Milan. As from 1 January 2013 until 31 December 2024 he was Member of the Board of Directors at IVASS (Italian Insurance Supervisory Authority). Under this role, he was Member of the EIOPA Board of Supervisors and of the IAIS Executive Committee. From March 2011 to December 2012, he was Director at Promontory Financial Group, advising on regulatory and risk management issues. From November 2007 to February 2011, he was director of the Economics and Finance department at CEA (now InsuranceEurope). Before joining CEA, he was Secretary General of CEIOPS, the Committee of European Insurance and Occupational Pension Supervisors, since its foundation in 2004. Prior to that, he headed various departments at Italian Insurance Supervisory Authority.
Director of the International Cooperation Department, Polish Financial Supervision Authority
Damian Jaworski
Damian Jaworski is a Director of the International Cooperation Department at the Polish Financial Supervision Authority (Urząd Komisji Nadzoru Finansowego).He joined the UKNF in 2009 and held numerous senior executive positions, being responsible for international cooperation, analyses and regulation. He is a Member of the Board of Supervisors at EIOPA. In the past, he also chaired the Review Panel and was a member of other EIOPA's fora. He is also a member of the Implementation and Assessment as well as Policy Development Committees at the International Association of Insurance Supervisors. He was also a member of the Executive Committee, Vice Chair of the Audit and Risk Committee as well as the Regional Coordinator for the CEET Region. Before joining the UKNF, Damian Jaworski spent five years in the Foreign Service where, detached from the Ministry of Finance, he worked as financial attache in the Permanent Representation of the Republic of Poland to the EU in Brussels.
