Further to the consultation document issued by the MFSA last month, relating to a number of proposed regulations to be issued under the proposed amended Insurance Business Act (Cap.403) as part of the transposition exercise of the Directive 2009/138/EC 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 new set of regulations entitled the Insurance Business (Supervision of Insurance and Reinsurance Undertakings in a Group) Regulations, 2015.
The MFSA is proposing to add a new Part VIIA on Group Supervision (Articles 32A-32E of the proposed Act) dealing with measures to facilitate group supervision, which transposes some of the Articles listed in Title III of the Solvency II Directive. This new Part will contain the framework for insurance or reinsurance undertakings forming part of a group but the details will be set out in regulations to be issued under the Insurance Business Act.
Hence, the MFSA is proposing to issue a new set of regulations, the purpose of which is to implement the remaining articles of Title III of the Solvency II Directive which have not been included in the Act.
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 kindly asked to submit any comments in writing by not later than Tuesday 10th November 2015.
MFSA Newsletter – October 2015
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