The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand Euro (€1,000) on an Insurance Principal.

BREACHES

The MFSA determined that the Insurance Principal has acted in breach of Paragraph 8.10.3 of Chapter 8 of the Insurance Rules. The Insurance Principal failed to submit the SFCR Management Letter for the financial year ended 31 December 2021 within the regulatory deadline.

REGULATORY ACTION

On 12 March 2025, the MFSA decided to impose an administrative penalty of one thousand Euro (€1,000) on the Insurance Principal.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.

UPDATE ON 15 APRIL 2025

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