The MFSA is the single regulator of all financial services business in Malta.
The insurance industry in Malta is regulated by two separate but complementary laws:
- Insurance Business Act: Provides for the authorisation and supervision of insurance companies by the MFSA
- Insurance Intermediaries Act: Governs insurance agents, insurance brokers, insurance managers and tied insurance intermediaries
Malta’s legislation provides for different types of insurance companies, including companies carrying on affiliated insurance business (captives), Protected Cell Companies (PCCs), Incorporated Cell Companies (ICCs), reinsurers and insurance intermediaries. The variety of insurance activities that can be licensed in Malta offers the industry a selection of tools to meet the demands of a highly competitive market.
The MFSA caters explicitly for captive or “affiliated insurance companies” as referred to under Maltese Law and which may be authorised to underwrite risks emanating from:
– Parent companies.
– Associated or group companies.
– Other entities having a majority ownership or controlling interest in the captive.
– Members of trade, industry or professional associations insuring risks related to those trades or professions.
The EU single passport for services and establishment rules apply.
Re-domiciliation: An insurance company or an insurance management company established in another jurisdiction can continue to exist in Malta under certain conditions and does not need to wind up in its country of incorporation.
