Legislative and Regulatory Environment
Insurance Business in Malta is regulated under the Insurance Business Act, 1998 (“the Act”). The Act provides for the authorisation and supervision of insurance companies and the MFSA is the Competent Authority for the purposes of the Act. The MFSA’s approach is reputed to be ‘firm but flexible’. It encourages informal discussion at all levels with insurance company sponsors, insurance managers, applicants and other interested parties.
Every insurer is required to appoint
- 1. A ‘General Representative’; usually the company’s appointed insurance manager.
- 2. An independent and approved firm of auditors to draw up the statutory financial reports.
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