Insurance, Reinsurance, Insurance Intermediaries, Captives GTG is committed to understanding the business challenges and legal issues impacting the insurance industry, and assists insurance companies, managers, brokers, and agents carrying on business for foreign and local insurance principals in all insurance-related matters, including compliance, regulatory issues, contract law, reinsurance, and affiliated insurance companies (captives).
Insurance in Malta is mainly regulated by the Insurance Business Act of 1998 and the Insurance Intermediaries Act of 2006, which in turn both require the observance of a number of insurance rules relative to the formalities, internal management, and customer relations of different insurance entities. In order to carry out insurance business in and from Malta, an application on a prescribed form must be submitted to the Malta Financial Services Authority (MFSA) which upon ascertaining that the requirements set out by the relevant legislation have been satisfied, will issue the appropriate licence. Compliance with regulatory legislation is particularly important not only with respect to the enrolment and registration of insurance operators but also with the administration and management of such insurance businesses once established. In fact, the law provides for the regular submission to the MFSA of certain information, including the yearly audited accounts. The transfer, merger and termination of an insurance business are also regulated by special law, and approval by the MFSA is mandatory.