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 goodwill demonstrated by the Insurance Undertaking and agreed to settle all pending matters.

Business Activity: Insurance Undertaking

FINDINGS:

The MFSA found failings with respect to:

Section 8.6 of Chapter 8 of the Insurance Rules for failing to submit the Solo NMC and the Group NMC for financial year ended 31 December 2020 within the regulatory deadline.

MEASURES

On 8 May 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 four thousand, six hundred and forty Euro (€4,640) on the Insurance Undertaking.

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.