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 clarifications submitted by the Insurance Undertaking and goodwill demonstrated by the Insurance Undertaking and, on this basis, both parties have agreed to settle all pending matters.

Business Activity: Insurance Undertaking

FINDINGS:

The MFSA found failings in respect to:

1. Article 20(1) of the Insurance Business Act for failing to submit the Audited Financial Statements for financial year ended 30 November 2021 within the regulatory deadline;
2. Article 7(8) of the Insurance Business Act for failing to submit the Management Letter in relation to the Audited Financial Statements for financial year ended 30 November 2021 within the regulatory deadline;
3. Section 8.6 of Chapter 8 of the Insurance Rules for failing to submit the Solo SFCR and Solo NMC for financial year ended 30 November 2021 within the regulatory deadline.

MEASURES

On 1 November 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 seven thousand Euro (€7,000) on the Insurance Undertaking.

PUBLICATION

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