The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-five thousand seven hundred Euro (€25,700).

Business Activity: Intermediaries - Insurance Managers List

BREACHES

The Company failed to adhere to its obligations in terms of Article 24 of the Insurance Distribution Act to submit the audited financial statements within the regulatory deadline.

REGULATORY ACTION

On 7 May 2020, the MFSA decided to impose an administrative penalty of twenty-five thousand seven hundred Euro (€25,700) on the Insurance Intermediary.

PUBLICATION

This notice is being published in terms of the powers vested in the Authority under Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 9 JUNE 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.