MFSA’s consultation on regulations to be issued under the Insurance Business Act

As part of the transposition exercise of the Solvency II Directive into Maltese law, the MFSA has issued for consultation a number of proposed MFSA regulations. As part of the transposition exercise of the Solvency II Directive, the MFSA is currently amending the subsidiary legislation issued under the Insurance Business Act to align it with the requirements, as well as the terminology of the Solvency II Directive. It is also being proposed to issue a number of new regulations transposing specific provisions of the Solvency II Directive. The Proposed Regulations to be issued under the Insurance Business Act include:

European Passport Rights for Insurance and Reinsurance Undertakings Regulations, 2015
Insurance Business (Commission Delegated Regulation on Solvency II) Regulations, 2015
Insurance Business (Exemptions) Regulations, 2015
Insurance Business (Maintenance of Assets) Regulations, 2015
Insurance Business (General Provisions of Supervision) Regulations, 2015
Insurance Business (Solvency II Transitional Provisions) Regulations, 2015

The MFSA invited interested persons to submit comments and feedback by not later than Monday 19th October 2015. A copy of the proposed Regulations may be accessed by clicking here.