On 31 May, 2013 the Malta Financial Services Authority (MFSA) published a consultation note and draft regulations permitting the establishment of Special Purpose Reinsurance Vehicles (Reinsurance SPVs) in Malta. A copy of the consultation note and draft regulations can be obtained by clicking here.
The draft regulations proposed to be issued under the Insurance Business Act (Cap. 403, Laws of Malta) contain provisions regarding the authorisation and governance, solvency and regulatory reporting by Reinsurance SPVs. Reinsurance SPVs have been explicitly recognised by European Union legislation since the Reinsurance Directive and will continue to be recognised under Solvency II.
The consultation period runs until 17 June, 2013.
For more information or if you have any questions, please feel free to contact Dr. Matthew Bianchi (Partner, Insurance & Reinsurance), Mr. Richard Ambery (Partner, Capital Markets) or Dr. Matthew Mizzi (Advocate, Insurance Securitisation).