The MFSA has launched a public consultation on amendments to the Insurance Rules issued under the Insurance Business Act.
The Insurance Rules issued under the Insurance Business Act (Cap. 403) ("the Act") were published on the 22nd December 2015 and came into force on the 1st January 2016. During the consultation process, the industry requested more detail on the content of the report which is to be submitted to the MFSA by the approved actuary under article 23(1) of the Insurance Business Act, as well as under Section 8.5 of Chapter 8 on Financial Statements and Supervisory Reporting Requirements, of the Insurance Rules.
In accordance with paragraph 2.3 of the feedback statement issued on 14th January 2016, the MFSA is issuing for consultation the draft provisions relating to the contents of the report to be produced by the approved actuary.
Moreover, other minor amendments are being proposed to some Insurance Rules which are highlighted in this Consultation paper, including the chapters covering Financial Statements and Supervisory Reporting Requirements and the Conduct of Business Rules.
Any comments or 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 6th April 2016.
The consultation document is available on: https://goo.gl/ILRkKn
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