The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand and four hundred Euro (€2,400) on an Insurance Undertaking.

ADDRESS:

Il-Pjazzetta, Blk A Suite 21A
Tower Road Sliema
SLIEMA 1607
Malta

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 RSR for the financial year ended 31 December 2021 within the regulatory deadline.

REGULATORY ACTION

On 11 September 2024, the MFSA decided to impose an administrative penalty of two thousand and four hundred Euro (€2,400) 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 10 OCTOBER 2024

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.