The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand and two hundred Euro (€1,200) on the Insurance Undertakings Passporting outside Malta.

Business Activity: Insurance Undertakings Passporting outside Malta under Freedom of Services and under Freedom of Establishment in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Management Letter relating to the SFCR for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

On 16 February 2023 the Malta Financial Services Authority decided to impose an administrative penalty of one thousand and two hundred Euro (€1,200) on the Insurance Undertakings Passporting outside Malta.

The Malta Financial Services Authority has taken this decision pursuant to Subsidiary Legislation 403.06 – Insurance Business (Penalties for Offences and Infringements) Regulations.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act.

UPDATE ON 6 APRIL 2023

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