On the 31st May 2016, the MFSA has issued a Consultation Document on proposed Insurance Rules issued under the Insurance Business Act (Cap.403) transposing the new requirements set out in Article 39 of Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC, ("the Statutory Audit Directive"), which has been amended by Directive 2014/56/EU of 16 April 2014.
The purpose of the Consultation Document was to bring to the attention of authorised undertakings the new requirement found in Article 39 of the Statutory Audit Directive relating to the audit committee and applicable to "public-interest entities" as defined in Article 2 of the said Directive.
Further to the said Consultation Document, the MFSA has issued the amendments to Chapter 6 on System of Governance, including a new Annex II - Audit Committee, in Part B of the Insurance Rule, together with a Feedback Statement on the comments received in relation to the proposed amendments relating to the audit committee requirements.
Any queries are to be addressed to the Insurance and Pensions Supervision Unit by email on ipsu@mfsa.com.mt.
MFSA Feedback Statement On Insurance Rules Implementing Audit Committee Requirements
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