Insights

Malta is now ready to start processing applications for issuers of Insurance Linked Securities.

The Reinsurance Special Purpose Vehicles Regulations (‘RSPV Regulations’) were published by means of Legal Notice 452 of 2013 (Government Gazette No. 19,188 of the 27.12.2013) and set out the framework for the authorisation and supervision of insurance special purpose vehicles, also known as SPRVs.

SPRVs are special purpose vehicles used to issue insurance linked securities.

The Malta Financial Services Authority, Malta’s financial services regulator, confirmed in December 2013 that it will fast track applications for the authorisation of RSPVs, provided timeframes are agreed with participants in advance and accurate and complete information is provided at every stage of the structuring and documentation process.

It is anticipated publication of the RSPV Regulations will be followed up shortly with the publication of secondary rules fleshing out the application information that arrangers of insurance securitisation transactions will need to provide.

A copy of the RSPV Regulations may be obtained here.

For more information, please contact Matthew Bianchi or Richard Ambery.