The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand six hundred Euro (€4,600) on an Insurance Undertaking.

BREACHES

The MFSA determined that the Insurance Undertaking has acted in breach of Article 7(8) of the Insurance Business Act, Section 8.6 of Chapter 8 of the Insurance Rules and Paragraph 8.10.3 of Chapter 8 of the Insurance Rules. The Insurance Undertaking failed to submit the AFS Management Letter, the Group SFCR, and the Group SFCR Management Letter for the financial year ended 31 December 2021 within the regulatory deadline.

REGULATORY ACTION

On 11 September 2024, the MFSA decided to impose an administrative penalty of four thousand six hundred Euro (€4,600) on the Insurance Undertaking.

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 25 October 2024

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