Further to the consultation document issued by the MFSA last December highlighting the main changes to be carried out to the Insurance Business Act (Cap.403) in order to transpose Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), (the "Solvency II Directive"), the MFSA has issued for consultation a number of proposed regulations to be issued under the proposed amended Act.
As part of the transposition exercise of the Solvency II Directive, the MFSA is currently amending the subsidiary legislation issued under the Insurance Business Act (Cap.403) to align it with the requirements, as well as the terminology of the Solvency II Directive.
It is also being proposed to issue a number of new regulations transposing specific provisions of the Solvency II Directive.
For this purpose, the MFSA has issued a Consultation Document, and published the draft regulations beings proposed. These are available on the MFSA Website.
Any comments and feedback are to be addressed to the Insurance and Pensions Supervision Unit by email on ipsu@mfsa.com.mt. Interested parties are invited to submit any comments in writing by not later than the Monday 19th October 2015.
The consultation document is available on https://goo.gl/6lgzsg .
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