On the 22nd December 2014, the MFSA issued a Consultation Document on the proposed amendments to the Insurance Business Act (Cap.403) and on the consequential amendments to be carried out to the Insurance Intermediaries Act (Cap. 487) in order to retain consistency between the two Acts.
The purpose of the Consultation document was to highlight the main changes to be carried out to the Insurance Business Act as a consequence of transposing the provisions of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (recast) (the "Solvency II Directive") and Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority (the "Omnibus II Directive").
Further to this Consultation Document, the MFSA has issued a feedback statement on the comments received in relation to the proposed amendments to the Insurance Business Act and Insurance Intermediaries Act.
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