Insurance Supervision

The MFSA is responsible for the authorisations and subsequent supervision of authorised insurance and reinsurance undertakings effecting and carrying out business of insurance (hereinafter referred to as “undertakings”), insurance agents, insurance brokers, insurance managers, tied insurance intermediaries and ancillary insurance intermediaries, (hereinafter referred to as “insurance intermediaries”),

  • Undertakings are required to comply with the Insurance Business Act, regulations, issued thereunder, Insurance Rules and Conduct Insurance Rules issued by the MFSA.
  • Insurance Intermediaries are required to comply with the Insurance Distribution Act, regulations issued thereunder and the Insurance Distribution Rules and Conduct of Business Rules issued by the MFSA.

The MFSA also supervises  the manner in which insurance undertakings and insurance intermediaries entities carry out their business to ensure that this act honestly, fairly and in accordance with the best interest of their clients.  In this context, insurance undertakings and insurance intermediaries are expected to act in line with the general principle of putting their clients at the heart of the manner in which they run their business. From an industry perspective, addressing and swiftly resolving emerging and crystallised conduct issues can help avoid potential costs such as fines, redress costs, legal fees and not least, reputational damage. From the customers’ perspective good conduct of business would ensure increased consumer confidence in the products and services provided by insurance undertakings and intermediaries. The Conduct Supervisory Function considers that addressing conduct risk requires looking beyond the direct interaction with consumers at the point of sale (i.e., disclosures and advice). Poor conduct outcomes for consumers may result also from the characteristics of insurance products which they purchase. Therefore, insurance undertakings and intermediaries are expected to have in place good product oversight and governance arrangements which need to be followed when designing and distributing products to consumers.

Supervision is based on a prospective and risk based approach and is carried out in a proportionate manner through an appropriate combination of off-site and on-site supervision. Duties are carried out in a transparent and accountable manner taking into account the protection of confidential information. In exercising its functions and duties under the Insurance Business Act and the Insurance Distribution Act, the MFSA is required to take into account a European Union dimension and to duly consider the potential impact of its decisions on the stability of the financial system in the European Union, in particular, in emergency situations.

The Authorisations Process

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(1/2) The Authorisation Process 

The MFSA is the competent authority in Malta responsible for granting authorisation to persons seeking to carry out financial services activities. Authorisation is an important part of the overall supervisory framework.

The authorisation process of entities seeking to enter the financial services industry is a key function of the Malta Financial Services Authority in its gatekeeper role. The objective of the assessment of an application for authorisation is to ensure that criteria detailed under the respective financial services legislation are satisfied at authorisation stage and continue to be fulfilled on an ongoing basis.

The Malta Financial Services Register

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(2/2) The Malta Financial Services Register 

The Malta Financial Services Authority’s Financial Services Register is a public record that shows details about firms licensed and regulated by the Authority.

Insurance Undertakings

Insurance Intermediaries

Archives

Insurance Undertakings

Main Legislation

Subsidiary Legislation

S.L. 403.02 – Insurance Business (Custodian of Assets) Regulations

S.L. 403.04 – Insurance Business (Fees) Regulations

S.L. 403.06 – Insurance Business (Penalties for Offences and Infringements) Regulations

S.L. 403.08 – Insurance Business (Linked Long Term Contracts) Regulations

S.L. 403.09 – Insurance Business (Approved Auditor) Regulations

S.L. 403.10 – Insurance Business (Long Term Business Contract Statutory Notice) Regulations

S.L. 403.11 – Insurance Business (Captive Insurance Undertakings and Captive Reinsurance Undertakings) Regulations

S.L. 403.12 – Insurance Business (Continuance of Companies Carrying on Business Insurance) Regulations

S.L. 403.13 – Protection and Compensation Fund Regulations

S.L. 403.14 – European Passport Rights for Insurance and Reinsurance Undertakings Regulations

S.L. 403.15 – Insurance Business (Reorganisation and Winding Up of Insurance Undertakings) Regulations

S.L. 403.16 – Insurance Business (Maintenance of Assets) Regulations

S.L. 403.17 – Insurance Business (Supervision of Insurance and Reinsurance Undertakings in a Group) Regulations

S.L. 403.19 – Re-Insurance Special Purpose Vehicles Regulations

S.L. 403.20 – Insurance Business (Phasing-in) Regulations

S.L. 403.21 – Insurance Business (Commission Delegated Regulation on Solvency II) Regulations

S.L. 403.22 – Insurance Business (Exemptions) Regulations

S.L. 403.23 – Insurance Business (Solvency II Transitional Provisions) Regulations

S.L. 403.24 – Insurance Business (General Provisions of Supervision) Regulations

Related Legislation

Conduct Legislation

In this section you will find the Acts of Parliament which lays down the framework of the regulatory regime applicable to insurance undertakings and insurance intermediaries and addition subsidiary legislations related to insurance.

Insurance Business Act Cap. 403

Insurance Distribution Act

S.L. 403.06 Insurance Business (Penalties for Offences and Infringements) Regulations

S.L. 403.08 Insurance Business (Linked Long Term Contracts) Regulations

S.L. 403.10 Insurance Business (Long Term Business Contract Statutory Notice) Regulations (Click here for more)

Insurance Rules issued under the Insurance Business Act (CAP.403)

  Introduction

  Glossary

 

Part A – Authorisation Requirements Applicable under the Insurance Business Act

Chapter 1: The Application Process

 

Guidelines for Compliance Officers and Money Laundering Reporting Officers

Responsibilities of Compliance Officers

Responsibilities of MLROs

 

Chapter 2: Fit and Proper Criteria, Notification and Assessment

  ANNEX I – Personal Questionnaire

  ANNEX II – Assessment Form

  ANNEX III – Professional Qualifications, Knowledge and Experience of individuals responsible for a branch of an authorised undertaking

 

Chapter 3: Prudential assessment of acquisitions and increase of holdings in authorised undertakings

  SCHEDULE – List of information required for the assessment of an acquisition

  ANNEX – Questionnaire for Qualifying Shareholders other than Individuals

 

Chapter 4: Authorisation to Act as Approved Auditor

  FIRST SCHEDULE – The Approved Auditors Register

  SECOND SCHEDULE – The Approved Auditors List

  THIRD SCHEDULE – Application by holders of a warrant to act as accountant and auditor for an authorisation to act as approved auditor under the Insurance Business Act

  FOURTH SCHEDULE – Application by audit firms for an authorisation to act as approved auditor under the Insurance Business Act

 

Part B – Conditions for carrying on Business of Insurance

Chapter 5: Valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules

  Annex – Intra-Group Loans

 

Chapter 6: System of Governance

  ANNEX I – Guidelines on System of Governance and on Own Risk and Solvency Assessment

  ANNEX II – Audit Committee

  ANNEX III – Encouragement of Long-Term Shareholder Engagement

 

Chapter 7: Separate Management of Long Term Business and General Business

 

Chapter 8: Financial Statements and Supervisory Reporting Requirements

  ANNEX I – Guidelines on Reporting and Public Disclosure

  ANNEX II – Annual National Specific Templates (IFRS 4 and GAPEE)

  ANNEX III – Quarterly National Specific Templates (IFRS 4 and GAPEE)

  ANNEX IV – Declaration Form

  ANNEX V – External Audit of the Solvency II Regulatory Returns

ANNEX VI – Annual National Specific Templates (IFRS 17)

ANNEX VII – Quarterly National Specific Templates (IFRS 17)

 

Chapter 9: Freedom of Establishment and Freedom to provide Services by a European Insurance Undertaking and a European Reinsurance Undertaking

  Annex I – Applicable Provisions for European Insurance Undertakings establishing a Branch in Malta

  Annex II – Applicable Provisions for European Insurance Undertakings providing services in Malta

  Annex III – Forms

 

Chapter 10: Freedom of Establishment and Freedom to provide Services by a Maltese Insurance Undertaking and a Maltese Reinsurance Undertaking

 

Chapter 11: Provisions applicable to specific classes of general business of insurance

  ANNEX – Specimen Agreement

 

Chapter 12: Publicity Given to Notices to Cease to Carry on Business of Insurance

 

Chapter 13: General Principles of Supervision Rules

 

Part C – Other Provisions

Chapter 14: Reinsurance Special Purpose Vehicles

  First Schedule – Application for authorisation of a RSPV

  Second Schedule -Application for authorisation of a RSPV SCC

  Third Schedule – Application for approval of a cell of a RSPV SCC

 

Chapter 15: Phasing-in measures for Solvency II Implementation

 

Chapter 17: Cell Companies carrying on Business of Insurance

Conduct of Business Rulebook

Insurance Distribution Directive

PRIIPS Regulation

EIOPA Documents

General Good Rule

Regulation 6(1) of the Insurance Business (General Provisions of Supervision) Regulations, 2015, requires the MFSA to carry on its duties in a transparent and accountable manner taking into account the protection of confidential information. This requirement emanates from Article 31 of Directive 2009/138/EC (“the Solvency II Directive”). In order to foster a uniform level of transparency and accountability of supervisory authorities  and in order to ensure that the information disclosed in accordance with Article 31(2) of Directive 2009/138/EC (“the Solvency II Directive”) is easily accessible and comparable, the supervisory authorities are required to disclose certain information. This information is to be disclosed in a common format and shall be sufficient to enable a comparison of the supervisory approaches adopted by the MFSA and the European regulatory authorities of the different Member States.

In terms of regulation 6(2) of the Insurance Business (General Provisions of Supervision) Regulations, 2015, the MFSA is required to publish, in accordance with any delegated acts and implementing technical standards adopted by the European Commission pursuant to Article 31(4) and (5) of the Solvency II Directive, the following information:

(a) the texts of laws, regulations, administrative rules and general guidance adopted in Malta in the field of insurance regulation;

(b) the general criteria and methods, including the tools to be used in the supervisory review process;

(c) without prejudice to the confidentiality provisions contained in the Act, aggregate statistical data on key aspects of the application of the prudential framework in Malta;

(d) the manner of exercise of the options provided for in the Solvency II Directive;

(e) the objectives of supervision and its main functions and activities.

For this purpose, the Commission Implementing Regulation 2015/2451 of 2 December 2015 lays down implementing technical standards with regard to the templates and structure of the disclosure of specific information by supervisory authorities in accordance with Directive 2009/138/EC of the European Parliament and of the Council, and requires the MFSA to present the information to be disclosed under Article 31(2) of the Solvency II Directive as follows:

Laws, Regulations, Administrative Rules and General Guidance

Article 31(2)(a) of the Solvency II Directive requires the MFSA to disclose information on the text of laws, regulations, administrative rules and general guidance in the field of  insurance regulation.

Union legislation in the field of insurance regulation that is directly applicable in a Member State

The following are a list of delegated acts and implementing technical standards adopted by the European Commission under the Solvency II Directive, that are directly applicable in Malta:

Solvency II Delegated Regulations

Solvency II Implementing Regulations

Solvency II Delegated Decisions

International Accounting Standards Regulation

Audit Regulation

Regulation (EU) No 537/2014

The text of national laws, regulations, administrative rules and general guidance in the field of insurance regulation, transposing or based on Union law or otherwise applicable.

The framework of Maltese insurance legislation transposing the Solvency II Directive consists of the following:

  1. Insurance Business Act (Cap. 403);
  2. Regulations issued under the Act;
  3. Insurance Rules issued under  the Act; and
  4. EIOPA Guidelines

The MFSA issues Circulars and guidance to insurance and reinsurance undertakings regarding the implementation of the Solvency II Directive, which may be accessed here.

Aggregate Statistical Data - Disclosure of Data on the MFSA

Article 31(2)(c) of the Solvency II Directive, Article 316 of the Commission Delegated Regulation (EU) 2015/35 (1) and Annex XXI to the said Regulation, require the MFSA to disclose aggregate statistical data relating to information on key aspects of the application of the prudential framework under the Solvency II Directive, by using the following Templates:

 

TEMPLATE A – for the Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings supervised under Directive 2009/138/EC

TEMPLATE B – for the Disclosure of Aggregate Statistical Data with regard to Insurance Groups Supervised Under Directive 2009/138/EC

TEMPLATE C – for the Disclosure of Quantitative Aggregate Statistical Data on the MFSA, 2021

TEMPLATE D – for the Disclosure of Qualitative Aggregate Statistical Data on the MFSA, 2021

The exercise of options under the Solvency II Directive

Article 31(2)(d) of the Solvency II Directive requires the MFSA to disclose information on the manner of exercise of options provided for in the Solvency II Directive. The disclosure of information by the MFSA regarding these options may be found in this list of options which indicates whether the MFSA has adopted the particular options in the process of Solvency II implementation.

The Supervisory Objectives, Functions and Activities & The Supervisory Review Process

Article 31(2)(b) and (e) of the Solvency II Directive require the MFSA to disclose information on the general criteria and methods used in the supervisory review process and on objectives of the supervision and its main functions and activities, respectively. This information can be accessed here.

In this section you will find several consumer studies aimed at identifying and addressing information gaps about financial services within various groups of the community, to enable them to make informed decisions and enhance their trust.

 

Consumer Reports

Insurance Intermediaries

Insurance Distribution Rules issued under the Insurance Distribution Act (CAP. 487)

  Exercise of options under the Insurance Distribution Directive

  Introduction

  Table of Contents

 

Part A – Authorisation Requirements applicable under the Insurance Distribution Act

 

  Chapter 1: The Application Process of Insurance Agents, Insurance Managers and Insurance Brokers

  APPENDIX I – Role of Compliance Officers

  APPENDIX II – Role of Money Laundering Reporting Officers

 

  Chapter 2: The Application Process of Tied Insurance Intermediaries and Ancillary Insurance Intermediaries

Annex – Tied Insurance Intermediary/Ancillary Insurance Intermediary: Pre-Enrolment Course

 

  Chapter 3: Criteria of Fitness and Properness of Intermediaries

  ANNEX – Personal Questionnaire

 

  Chapter 4: Own Funds of Persons Enrolled in the Agents List, Managers List or Brokers List carrying out Insurance Distribution Activities and Reinsurance Distribution Activities

  FIRST SCHEDULE – Value of the Own Funds of Enrolled Persons and Share Capital of Enrolled Companies

  SECOND SCHEDULE – Credit Risk Transfer Agreement

  THIRD SCHEDULE – Declaration Form

 

Part B – Conditions for carrying out Insurance Distribution Activities and Reinsurance Distribution Activities

 

  Chapter 5: Criteria of Sound and Prudent Management

 

  Chapter 6: Knowledge and Ability

 

  Chapter 7: Continuous Professional Development

 

  Chapter 8: Monies held in a Fiduciary Capacity

 

  Chapter 9: Fidelity Bond

 

  Chapter 10: Information to be provided to the competent authority for Supervisory Purposes

  First Schedule – Business of Insurance Intermediaries Statement

  Second Schedule – Reports accompanying the Statements relating to the business of insurance distribution activities and, or reinsurance distribution activities

 

  Chapter 11: Provisions applicable to specific insurance and reinsurance intermediaries

  First Schedule – Business of insurance not subject to tied insurance intermediaries activities

  Second Schedule – Business of insurance not subject to ancillary insurance intermediaries activities

 

  Chapter 12: Issuing and Registration of Underwriting Agreements

  SCHEDULE – Registration Document – Application by an enrolled person for registration of an underwriting agreement under the Insurance Distribution Act

 

  Chapter 13: Computer Link Arrangements

 

  Chapter 14: Persons qualified to make use of the word “Insurance”

 

  Chapter 15: Introducers

 

  Chapter 16: Freedom of Establishment and Freedom to provide Services by a European Intermediary

  Annex 1 – Applicable Provisions for European Intermediaries Establishing a Branch in Malta in terms of Article 6 and 7 of the Insurance Distribution Directive

  Annex 2 – Applicable Provisions for European Intermediaries Providing Services in Malta through the freedom of Services in terms of Article 4 of the Insurance Distribution Directive

Part A – Authorisation Requirements applicable under the Insurance Distribution Act

 

Chapter 1: The Application Process of Insurance Agents, Insurance Managers and Insurance Brokers

  First Schedule – Application for registration of individuals in the Agents Register, Managers Register or Brokers Register

  Second Schedule – Application for enrolment in the Agents List, Managers List or Brokers List

  Third Schedule – Additional application details for enrolment in the Agents List or Managers List

  Fourth Schedule – Application for approval of a cell of a cell company enrolled in the Managers List or Brokers List to carry out insurance distribution activities and, or reinsurance distribution activities

  Fifth Schedule – Registration of individuals in the Agents Register, Managers Register or Brokers Register

  Sixth Schedule – Particulars of local intermediaries carrying out insurance intermediaries activities and, or reinsurance distribution activities

  Seventh Schedule – Particulars of foreign companies carrying on insurance intermediaries activities and or reinsurance intermediaries activities

  Notes to the Second Schedule, Third Schedule and Fourth Schedule

  Application of an Approved Individual in terms of Article 37 (2) of the Act

  APPENDIX I – Role of Compliance Officers

  APPENDIX II – Role of Money Laundering Reporting Officers

 

Chapter 2: The Application Process of Tied Insurance Intermediaries and Ancillary Insurance Intermediaries

  First Schedule – Registration of persons carrying out tied intermediaries activities

  Second Schedule – Registration of persons carrying out ancillary intermediaries activities with an authorised undertaking

  Third Schedule – Registration of persons carrying out ancillary intermediaries activities with an enrolled insurance broker

  Fourth Schedule – Application for Persons to be entered in the Tied Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)

  Fifth Schedule – Application by a European Insurance Undertaking or an insurance intermediary registered under Article 3 of the Insurance Distribution Directive (Directive (EU) 2016/97) for enrolment of persons in the Tied Insurance Intermediaries List

  Sixth Schedule – Application for Persons to be entered in the Ancillary Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)

  Seventh Schedule – Application by an Insurance Broker enrolled under the Act for the enrolment of persons in the Ancillary Insurance Intermediaries List

  Eight Schedule – Application by a European Insurance Undertaking or an insurance intermediary registered under Article 3 of the Insurance Distribution Directive (Directive (EU) 2016/97) for enrolment of persons in the Ancillary Insurance Intermediaries List

  Ninth Schedule – Particulars of persons carrying out tied insurance intermediaries activities

  Tenth Schedule – Particulars of persons carrying out ancillary insurance intermediaries activities

Conduct of Business Rulebook

Insurance Distribution Directive

PRIIPS Regulation

EIOPA Documents

General Good Rule

Archives

Insurance Rules applicable up to 31st December 2015

  Preliminary

 

Rule 1 of 2007 – Own Funds of Companies Carrying on Business of Insurance

  Own Funds of Companies Carrying on Business of Insurance

 

Rule 2 of 2007 – Criteria of Fitness and Properness

  Criteria of Fitness and Properness

 

Rule 3 of 2007 – Information for Policyholders

  Information for Policyholders

 

Rule 4 of 2008 – Specified Effective Period with Respect to Certain Contracts of Long Term Business

  Specified Effective Period with Respect to Certain Contracts of Long Term Business

 

Rule 5 of 2008 – Mutual Associations

  Mutual Associations

 

Rule 6 of 2011 – Schemes of Operations Relating to Business of Insurance

  Schemes of Operations Relating to Business of Insurance

 

Rule 7 of 2009 – Separate Management of Long Term Business and General Business

  Separate Management of Long Term Business and General Business

 

Rule 8 of 2008 – Qualifications of Individuals Who Are Responsible for the Effective Management of Insurance and Reinsurance Companies or Branches Thereof

  Qualifications of Individuals Who Are Responsible for the Effective Management of Insurance and Reinsurance Companies or Branches Thereof

 

Rule 9 of 2007 – Repeal of Insurance Directive 9 of 1999 – Commercial Business Which May be Stated in the Objects of Companies Acting as Insurance Agents 

  Repeal of Insurance Directive 9 of 1999 – Commercial Business Which May be Stated in the Objects of Companies Acting as Insurance Agents

 

Rule 10 of 2007 – Repeal of Insurance Directive 10 of 1999 – Schemes of Operations Relating to Business of Insurance and Other Activities to be Carried on in the Case of Insurance Agents and Insurance Managers 

  Repeal of Insurance Directive 10 of 1999 – Schemes of Operations Relating to Business of Insurance and Other Activities to be Carried on in the Case of Insurance Agents and Insurance Managers

 

Rule 11 of 2007 – Repeal of Insurance Directive 11 of 1999 – Monies Held in a Fiduciary Capacity

  Repeal of Insurance Directive 11 of 1999 – Monies Held in a Fiduciary Capacity

 

Rule 12 of 2007 – Business of Insurance Statements

  Business of Insurance Statements

  Part A Part 1 – General Business – Statistical, Underwriting & Claims Information – Forms 1 to 30

  Part A Part 2 – General Business – Statistical, Underwriting & Claims Information – Forms 31 to 58

  Part A Part 3 – General Business – Statistical, Underwriting & Claims Information – Forms 59 to 74

  Part A Part 4 – General Business – Statistical, Underwriting & Claims Information – Forms 75 to 98

  Part B – General Business – Technical Results

  Part C – Solvency & Capital Adequacy (effective as from 31/12/2012)

  Part D Part 1 – Long Term Business – Statistical & Technical Results

  Part D Part 2 – Long Term Business of Insurance Statements

  Part D Part 2 – Instructions to Complete Forms 1-20

  Part D Part 3 – Abstract of the Valuation Report Prepared by the Appointed Actuary

  Part E – Certificate by Directors & Actuary & Report of the Auditors

  Part F – Glossary of Terms

  Part G – Business Groupings

  Part H – Guidance on Completion of the Business of Insurance Statements

  Part I Part 1 – Outward Reinsurance Business

  Part I Part 2 – Passporting

 

Rule 13 of 2008 – Publicity Given to Notices to Cease to Carry on Business on Insurance

  Publicity Given to Notices to Cease to Carry on Business of Insurance

 

Rule 14 of 2008 – Insurance Advertisement and Other Promotional Activities

  Publicity Given to Notices to Cease to Carry on Business of Insurance

 

Rule 15 of 2008 – Appointments and Changes of Director, Controller or Senior Manager

  Appointments and Changes of Director, Controller or Senior Manager

  Appendix 1 – Personal Questionnaire

 

Rule 16 of 2007 – Zone of Countries

  Zone of Countries

 

Rule 17 of 2009 – Authorisation to act as approved auditor

  Authorisation to act as approved auditor

 

Rule 18 of 2008 – Close Links

  Close Links

 

Rule 19 of 2008 – Legal Expenses Insurance

  Legal Expenses Insurance

 

Rule 20 of 2009 – Assistance Insurance

  Assistance Insurance

 

Rule 21 of 2007 – Business of Affiliated Insurance

  Business of Affiliated Insurance

 

Rule 22 of 2009 – Exercise of Passport Rights by European Insurance Undertakings and European Reinsurance Undertakings – Establishment

  Exercise of Passport Rights by European Insurance Undertakings and European Reinsurance Undertakings – Establishment

 

Rule 23 of 2009 – Exercise of Passport Rights by European Insurance Undertakings – Services 

  Exercise of Passport Rights by European Insurance Undertakings – Services

 

Rule 24 of 2009 – Exercise of Passport Rights by Maltese Insurance Undertakings and Maltese Reinsurance Undertakings – Establishment 

  Exercise of Passport Rights by Maltese Insurance Undertakings and Maltese Reinsurance Undertakings – Establishment

 

Rule 25 of 2009 – Exercise of Passport Rights by Maltese Insurance Undertakings – Services 

  Exercise of Passport Rights by Maltese Insurance Undertakings – Services

 

Rule 26 of 2008 – Export Credit Insurance

  Export Credit Insurance

 

Rule 27 of 2009 – Insurers’ Internal Controls

  Insurers’ Internal Controls

 

Rule 28 of 2008 – Insurance Companies carrying on Business of Insurance through the Internet

  Insurance Companies carrying on Business of Insurance through the Internet

 

Rule 29 of 2009 – Prudential assessment of acquisitions and increase of holding in authorised companies

  Prudential assessment of acquisitions and increase of holding in authorised companies

 

Rule 34 of 2015 – Repeal of insurance rules made under the Insurance Business Act

  Repeal of insurance rules made under the Insurance Business Act

 

Rule 33 of 2015 – Phasing-in measures for Solvency II Implementation

  Phasing-in measures for Solvency II Implementation

 

Rule 32 of 2014 – Reinsurance Special Purpose Vehicles

  Reinsurance Special Purpose Vehicles

 

Rule 31 of 2013 – Preparatory Measures for Solvency II Implementation

  Preparatory Measures for Solvency II Implementation

 

Rule 30 of 2012 – Complaints-Handling by Authorised Companies

  Complaints-Handling by Authorised Companies\

Insurance Intermediaries Rules applicable up to 30th September 2018

  Preliminary

  Guidelines – Provisions For European Insurance Intermediaries Pursuing Insurance Mediation In Malta Under The Provisions Of Freedom Of Establishment Or Freedom Of Services

 

Rule 1 of 2007 – Own Funds of Persons Enrolled in the Agents List, Managers List or Brokers List Carrying out Insurance Intermediaries Activities

  Own Funds of Persons Enrolled in the Agents List, Managers List or Brokers List Carrying out Insurance Intermediaries Activities

 

Rule 2 of 2007 – Criteria of Fitness and Properness of Insurance Intermediaries

  Criteria of Fitness and Properness of Insurance Intermediaries

 

Rule 3 of 2007 – Disclosure of Information for Clients

  Disclosure of Information for Clients

 

Rule 4 of 2007 – Code of Conduct for Insurance Intermediaries

  Code of Conduct for Insurance Intermediaries

 

Rule 5 of 2008 – Insurance Intermediaries Advertisement and Other Promotional Activities

  Insurance Intermediaries Advertisement and Other Promotional Activities

 

Rule 6 of 2007 – Criteria of Sound and Prudent Management

  Criteria of Sound and Prudent Management

 

Rule 8 of 2007 – Particulars of Individuals to be Entered in the Agents Register, Managers Register or Brokers Register

  Particulars of Individuals to be Entered in the Agents Register, Managers Register or Brokers Register

 

Rule 9 of 2007 – Qualifications of Individuals Applying for Registration

  Qualifications of Individuals Applying for Registration

 

Rule 10 of 2007 – Particulars of Intermediaries to be entered in the Agents List, Managers List Brokers List or Tied Insurance Intermediaries List

  Particulars of Intermediaries to be entered in the Agents List, Managers List Brokers List or Tied Insurance Intermediaries List

 

Rule 11 of 2007 – Commercial Business Which May be Carried out by Enrolled Persons

  Commercial Business Which May be Carried out by Enrolled Persons

 

Rule 12 of 2007 – Scheme of Operations Relating to Enrolment in the Agents List, Managers List or Brokers List and the Application for Enrolment

  Scheme of Operations Relating to Enrolment in the Agents List, Managers List or Brokers List and the Application for Enrolment

 

Rule 13 of 2007 – Monies Held in a Fiduciary Capacity

  Monies Held in a Fiduciary Capacity

 

Rule 14 of 2007 – Fidelity Bonds

  Fidelity Bonds

 

Rule 15 of 2007 – Business of Insurance Intermediaries Statements

  Business of Insurance Intermediaries Statements

  First Schedule

  Second Schedule

 

Rule 16 of 2007 – Particulars of Persons to be Entered in the Tied Insurance Intermediaries Company Registers

  Particulars of Persons to be Entered in the Tied Insurance Intermediaries Company Registers

 

Rule 17 of 2007 – Application for Persons to be Entered in the Tied Insurance Intermediaries List

  Application for Persons to be Entered in the Tied Insurance Intermediaries List

 

Rule 18 of 2007 – Business of Insurance Not Subject to Tied Insurance Intermediaries Activities

  Business of Insurance Not Subject to Tied Insurance Intermediaries Activities

 

Rule 19 of 2007 -Persons Qualified to Make Use of the word “Insurance”

  Persons Qualified to Make Use of the word “Insurance”

 

Rule 20 of 2007 – Issuing and Registration of Underwriting Agreements

  Issuing and Registration of Underwriting Agreements

 

Rule 21 of 2007 – Personal Questionnaire to be submitted by specific individuals

  Insurance Intermediaries Rule 21 of 2007 – Personal Questionnaire to be submitted by specific individuals

  Appendix 1 – Personal Questionnaire

 

Rule 22 of 2007 – Computer Link Arrangements

  Computer Link Arrangements

 

Rule 23 of 2008 – Carrying out Insurance Intermediaries Activities through the Internet

  Carrying out Insurance Intermediaries Activities through the Internet

 

Rule 24 of 2009 – Introducers

  Introducers

 

Rule 25 of 2014 – Complaints-Handling by Insurance Intermediaries

  Complaints-Handling by Insurance Intermediaries