Governance, Risk and Compliance - The Maltese Insurance Industry

Governance, Risk and Compliance - The Maltese Insurance Industry

Summary
The Governance, Risk and Compliance - The Maltese Insurance Industry report is the result of extensive research into the insurance regulatory framework in Malta.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Key Highlights

- The Malta Financial Services Authority (MFSA), under the Minister of Finance, regulates the Maltese insurance industry.
- The Maltese government permits foreign direct investment up to a limit of 79% in the insurance industry.
- The provisions of The Insurance Business Act XVIII of 1998 and its subsidiary legislations regulate the life and nonlife insurance businesses in Malta.
- Solvency II was implemented effective from January 1, 2016.
- Motor third-party liability insurance and employers’ liability insurance are compulsory classes of insurance.
- Non-admitted insurers and intermediaries are not permitted in the Maltese insurance industry.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Malta, including:
- An overview of the insurance regulatory framework in Malta.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Malta.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.

Scope

- The report covers details of the insurance regulatory framework in Malta.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy

- Gain insights into the insurance regulatory framework in Malta.
- Track the latest regulatory changes, and expected changes impacting the Malta insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
 


1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social Security System
2.4.3 Air carriers and aircraft operators insurance
2.4.4 Professional indemnity insurance for healthcare professionals
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Protection and indemnity insurance for commercial vessels
2.4.7 Clinical trial liability insurance
2.4.8 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Ministry of Finance
2.5.5 Malta Financial Services Authority
2.5.6 The Financial Services Tribunal
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
 


List Of Tables


Table 1: Insurance Industry Definitions
Table 2: Malta - Insurance Regulatory Framework Key Features
Table 3: Malta - Life Insurance Regulatory Framework
Table 4: Malta - Property Insurance Regulatory Framework
Table 5: Malta - Motor Insurance Regulatory Framework
Table 6: Malta - Liability Insurance Regulatory Framework
Table 7: Malta - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Malta - Third-Party Liability Limits for Protection and Indemnity Insurance for Commercial Vessels
Table 9: Malta - Liability Limits for Other Claims Under Protection and Indemnity Insurance for Commercial Vessels
Table 10: Malta - Authorization Fees for Insurers and Reinsurers
Table 11: Malta - Annual Supervisory Fee for Insurance Companies Based on Premium Income
Table 12: Malta - Authorization Fees for Auditor
Table 13: Malta - Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses
Table 14: Malta - Annual Supervisory Fee for Undertakings from EU and EEA countries
Table 15: Malta -Application fee for Authorization to carry on Insurance and Reinsurance Businesses
Table 16: Malta - Insurance Premium Taxation
Table 17: Malta - Corporate Tax Rates for the Financial Year 2019
 


List Of Figures


Figure 1: Malta - Insurance Supervision and Control at Various Levels
Figure 2: Malta - Insurance Regulatory Frameworks for Company Registration and Operation
 


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