The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty-one thousand and one hundred Euro (€21,100).

Business Activity: Protected Cell companies writing insurance business

BREACHES

The MFSA determined that the Company failed to adhere to its obligations in terms of Article 20(1) and 32 of the Insurance Business Act for failure to submit the Audited Financial Statements and the Report on solvency and financial condition within the regulatory deadline.

REGULATORY ACTION

On 31 July 2020, the MFSA decided to impose an administrative penalty of twenty-one thousand and one hundred Euro (€21,100) on the Protected Cell Company writing Insurance Business.

PUBLICATION

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

UPDATE ON 31 AUGUST 2020

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