The Act, as amended by Act XXXIII of 2015 (published in the Government Gazette, No.19,503, on the 20 November 2015), together with regulations and Insurance Rules issued the said Act provide the framework of Maltese insurance legislation.
On the 18th September 2015, the MFSA issued a consultation document on a number of proposed Legal Notices ( regulations) to be issued under the Insurance Business Act (Cap.403) as amended by Act No. XXXIII of 2015 as part of the transposition of the Solvency II Directive. A further consultation document was issued by the MFSA on the 13th October 2015 relating to the proposed Insurance Business (Supervision of Insurance and Reinsurance Undertakings in a Group) Regulations, 2015.
As explained in the consultation documents as part of the transposition exercise of the Solvency II Directive, the regulations issued under the Insurance Business Act were being amended to align them with the requirements as well as the terminology of the Solvency II Directive. Moreover, a number of new regulations were being issued in order to transpose specific provisions of the said Directive.
Further to the consultation documents, the MFSA has issued a feedback statement on the comments received in relation to the proposed regulations. The document, available on the MFSA website via the link https://goo.gl/MO6vu2, provides an outline of the main comments received and the MFSA's position in relation thereto.
The relative Legal Notices were published on the 10 December 2015 in the Government Gazette of Malta No. 19,509.
The transposition of the Solvency II Directive also involved amendments to existing insurance rules and the issue of a number of new Insurance Rules. For this purpose the MFSA issued two sets of consultation documents, the first on the 30 October 2015 and the second on the 16 November 2015.
The Insurance Rules being issued under the Insurance Business Act (Cap.403) are consolidated in a single rulebook which is divided in three parts and consists of fifteen Chapters. This rulebook is available on the MFSA website via the link: http://goo.gl/TbaaAz.
Act XXXIII of 2015, containing amendments to the Insurance Business Act, the regulations and the Insurance Rules to be issued under the said Act come into force on the 1st January 2016
Any queries are to be addressed by email on ipsu@mfsa.com.mt.
MFSA Newsletter - December 2015
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