The Malta Financial Services Authority (“MFSA”) decided to issue a reprimand against Global Insurance Brokers Limited following shortcomings identified during a visit conducted by the MFSA in October 2020.

Address:

Global Insurance Brokers Limited
65, Birkirkara Hill
St Julians
Malta

Business Activity: Insurance Broker

BREACHES

The MFSA determined that at the time of the visit undertaken at the Company’s offices in October 2020, that the Company did not satisfy the requirements stipulated in the following Insurance Distribution Rules (“IDR” or “the Rules”) and an article of the Insurance Distribution Act (Cap. 487 of the Laws of Malta) (“IDA”):

1. Paragraph 8.1.2 of Cap 8 of Part B of the IDR;
2. Paragraph 8.2.10 of Cap 8 of Part B of the IDR;
3. Paragraph 8.2.7. of Cap 8 of Part B of the IDR;
4. Paragraph 8.2.10(d) of Cap 8 of Part B of the IDR
5. Paragraph 5.3.10(a) of Cap 5 of Part B of the IDR [Rule as at 2020 Visit: 5.3.8(a)];
6. Paragraph 5.3.10(b) of Cap 5 of Part B of the IDR [Rule as at 2020 Visit: 5.3.8(b)];
7. Paragraph 5.3.8(a) of Cap 5 of Part B of the IDR [Rule as at 2020 Visit: 5.3.6(a)];
8. Paragraph 6.12.1(a) of Cap 6 of Part B of the IDR;
9. Paragraph 1.2 of Appendix 1 to Cap 1 of Part A of the IDR;
10. Paragraph 1.3 of Appendix 1 to Cap 1 of Part A of the IDR;
11. Paragraph 5.3.14(h) of Cap 5 of Part B of the IDR; [Rule as at 2020 Visit: 5.3.12(h)]; and
12. Article 14A of the IDA;

REMEDIAL ACTION

It should be noted that from a systems perspective such shortcomings have since been remediated, introducing revised internal controls and processes.

REGULATORY ACTION

On 6 August 2024 the MFSA decided to issue a reprimand against Global Insurance Broker Limited.

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.