British Prime Minister Theresa May has announced that the Brexit
plans to be presented in the British Parliament, and which will set
the agenda for negotiations in the EU, will not include
participation in the single market. Non-participation in the single
market may result in the exclusion of the UK in the free movement
of goods, services and workers within the EU and insurance
businesses in the UK may lose their right of direct access to the
How can we help you?
As one of the leaders in the insurance legal sphere, with a
dedicated team of insurance and reinsurance lawyers and experts, we
at GANADO Advocates can work with you and provide you with the
necessary support in the coming months in creating contingency
plans, with Malta as an ideal jurisdiction.
Several UK insurance businesses have already started the process
of possible contingency plans involving their European business to
other member states, with Malta being one of the preferred Member
Accessibility, a stable political framework, excellent
communication, well-educated English-speaking work force and a
Mediterranean climate are some of the excellent attributes Malta
has to offer as an ideal jurisdiction to relocate your business.
Its appeal as an insurance jurisdiction is further supported
Malta is the seat of various international (re)insurance
undertakings, serviced by highly-qualified and highly-experienced
The European Passport
(Re)insurance undertakings whose head office is in Malta are
able to passport their Maltese licence into any EU/EEA Member
State. (Re)insurance undertakings may opt to passport on a freedom
of services basis or freedom of establishment (branch) basis. A
branch of a non-EEA (re)insurance undertaking does not enjoy
Re-Domiciliation and Mergers
Maltese law permits (re)insurance undertakings already
registered and established in certain jurisdictions to re-domicile
to Malta. Maltese law also applies the EU Cross-Border Mergers
Maltese Legislation provides for the transfer of business of
insurance by means of portfolio transfer, both in relation to
general business of insurance and life insurance business.
A Low Cost Jurisdiction
Renowned to be a comparatively low cost jurisdiction in the EU
and as a developing Financial Services centre, Malta is
consistently topping the charts as one of the most cost-efficient
domiciles for insurers.
Availability of International Service Providers
(Re)insurance undertakings located in Malta may outsource
management by appointing a licensed insurance management company to
provide insurance management services. Malta offers an impressive
array of international insurance managers who have set up
operations in Malta, the Big Four audit firms as well as a number
of local operators.
The Protected Cell Company as an Alternative Model
Maltese legislation allows (re)insurance undertakings to be
created as Protected Cell Companies (PCCs). A PCC is a regular
trading company which can create one or more cells for the purpose
of segregating and protecting the cellular assets from each other
and from the assets of the company. This enables promoters to come
together within the PCC framework and to share overhead costs
whilst being protected from each other's liabilities.
Alternatively, a single promoter can write separate lines of
business from separate cells, thus segregating each line of
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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