The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand and two hundred Euro (€2,200) on the Protected Cell Companies writing Insurance Business.

Business Activity: Protected Cell Company writing insurance business 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 of Article 7(8) of the Insurance Business Act and Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Auditors’ Management Letter relating to the Audited Financial Statements for the year ended 31 December 2019 and the Auditors’ 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 two thousand and two hundred Euro (€2,200) on Protected Cell Companies writing Insurance Business.

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.