Insurance

External Audit of Templates of the Solvency Financial Condition Report

Authors: Stuart Firman, Tanya Causon
Published on October 3, 2016
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
On 26 August 2016, the Malta Financial Services Authority (the “MFSA”) issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report (the “SFCR”).

Fintech and the Development of the Insurance Industry

Authors: Julian Caruana, Elaine Magri
Published on June 30, 2016
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Practices: Financial Markets Regulation, Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
Financial technology, or ‘fintech’ as it is more commonly referred to, is taking the financial industry around the world by storm. Over the past ten years, there has been a significant increase in the use of technology in the financial sector, spanning from mobile banking, small business lending, and financial advice. However, despite the financial innovation and technological progress made so far, a large part of the financial industry is still relatively unaffected.

From Pillar to Post

Authors: Beppe Sammut
Published on April 8, 2013
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Practices: Insurance & Reinsurance Corporate
The imminent (or not so imminent) implementation of the Solvency II regime will mark a radical overhaul to the regulatory landscape for insurance and reinsurance undertakings, with the establishment of the “three pillar” system, which adopts a risk based approach and which seeks to ensure that re/insurance undertakings are adequately capitalised and that risks are sufficiently measured.

GA contributes to the first edition of The Insurance & Reinsurance Law Review

Authors: Matthew Bianchi
Published on May 20, 2013
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
During May 2013, Law Business Research Ltd published the first edition of The Insurance & Reinsurance Law Review. This review was edited by Peter Rogan (Ince & Co LLP) and covers the legal and regulatory regime for insurance and reinsurance undertakings in 22 jurisdictions, including the US, Germany and Malta. GANADO Advocates has contributed the Malta chapter in this first edition which can be read or downloaded by clicking on the link below.

Insurance and Pension Newsletter – Issue No. 31 (June 2013)

Authors: Matthew Bianchi, Matthew Brincat, Elizabeth Ganado, Matthew Mizzi, Elaine Magri, Beppe Sammut
Published on July 5, 2013
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation, Pensions Regulatory
We are pleased to publish our latest Insurance and Private Pension Law Newsletter which the Insurance and Pensions Team at GANADO Advocates has been producing on a quarterly basis for the last decade or so.

As we all witness both regulatory developments (on a European and Maltese level) in both insurance and private pensions, it is imperative to keep up with the wave of change and to keep well informed of such changes. In particular, the newsletter will include:

i. Recent news on the local and European insurance and pensions market, including Solvency II updates;

ii. Legislative and licensing updates;

iii. Selected court updates;

iv. Analysis and focus of select local and European issues.

Insurance and Reinsurance in Malta

Authors: Matthew Bianchi
Published on July 27, 2017
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
The Q&A guide to Insurance and Reinsurance (published by Thomson Reuters Practical Law) provides a high level overview of the market trends and regulatory framework in the insurance and reinsurance market; the definitions for a contract of insurance and a contract of reinsurance; the regulation of insurance and reinsurance contracts; the forms of corporate organisation an insurer can take; and the regulation of insurers and reinsurers, including regulation of the transfer of risk.

Malta to legislate for insurance securitisation

Authors: Matthew Mizzi
Published on June 26, 2013
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Practices: Debt Capital Markets, Derivatives, Financial Markets Regulation, Insurance & Reinsurance Corporate, Structured Finance & Securitisation, Trusts & Foundations
Malta’s financial services regulator, the Malta Financial Services Authority (the MFSA), published for consultation in May 2013 a draft version of the Reinsurance Special Purpose Vehicle (RSPV or SPRV) Regulations. These new regulations will bolster Malta's role as an alternative risk transfer domicile. We provide you with a brief outline of the draft SPRV Regulations as they stood on 17 June, 2013.

Managing Brexit – Planning ahead for your Insurance business

Authors: Elaine Magri
Published on April 11, 2017
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
Britain’s formal notification of its exit from the EU on 29 March, days after the EU celebrated its 60th anniversary, marks a historic turning point in tough negotiations with EU 27 Member States during the two-year countdown to UK’s final separation. The wider implications of UK’s exit shall unfold during the next months in negotiations led by EU Chief negotiator Michel Barnier and constructive talks that commenced last week between EU Council President Donald Tusk and Prime Minister Theresa May to pave the way for UK’s final withdrawal and a new relationship between the EU and the UK.

Only 200 days to go …

Authors: Stefan Vella, Elaine Magri
Published on August 7, 2017
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation

There is no doubt that you have heard a lot about the Insurance Distribution Directive (‘IDD’) and the changes that this will bring along. Despite all this, what have you done about it? How prepared are you? How will the IDD impact you?

Even though delegated acts are still in line to be endorsed by the European Commission and consultations about local transposition are still ongoing, you can still start putting pieces together with the current information at hand to make sure that you are ready by 23rd February 2018.

We have created a set of guidelines to help you identify what you need to do to get ready in time for the IDD. Click the below link to access these guidelines.

The Insurance Product Information Document

Authors: Stuart Firman, Elaine Magri
Published on October 5, 2016
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Practices: Insurance & Reinsurance Corporate, Insurance & Reinsurance Regulation
On 1 August 2016, the European Insurance and Occupational Pensions Authority (“EIOPA”) published a consultation paper on Implementing Technical Standards (“ITS”) on the standardisation of the presentation of the insurance Product Information Document (the “PID”). The ITS may be accessed here. This will be provided to customers prior to conclusions of all non-life insurance lines, excluding large risks in accordance with the provisions of the Insurance Distribution Directive (the “IDD”).

The Solvency II Interim Measures: Is the Market Ready?

Authors: Beppe Sammut
Published on June 28, 2013
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Practices: Insurance & Reinsurance Regulation
For the last decade or so a risk-focused approach has been adopted and applied across the financial services industry. This is also the case in the insurance industry where risk-management is considered to be essential for the solvency and sustainability of insurance undertakings and for the safeguarding and protection of policyholders.

Time to act on pensions

Authors: Matthew Bianchi
Published on April 2, 2013
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Practices: Insurance & Reinsurance Corporate
We’ve all heard that the pension system is a ticking time bomb. All of us under the age of 45 have resigned ourselves to the fact that, unless we think ahead, plan for our own retirement and put money aside now, we will be working far beyond our statutory pensionable age to support ourselves and our families.