The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand Euro (€2,000) on an Insurance Undertaking.

BREACHES

The MFSA determined that the Insurance Undertaking has acted in breach of Section 8.6 of Chapter 8 of the Insurance Rules. The Insurance Undertaking failed to submit the Solo NMC for the financial year ended 30 September 2021 within the regulatory deadline.

REGULATORY ACTION

On 11 September 2024, the MFSA decided to impose an administrative penalty of two thousand Euro (€2,000) 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.