European insurance undertakings that carry out insurance business activities in Malta under the freedom of services will no longer be required to appoint a fiscal representative.

This development is a result of the Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016 dated 5th January 2016 which revoked the Fiscal Representatives (Financial Services Undertakings Exercising a European Right) Regulations, 2004.

The MFSA has decided that the requirement for a European insurance undertaking to appoint a fiscal representative which was transposed in paragraph 9.16.1(c) of Chapter 9 of Part B of the new Insurance Rules effective from 1st January 2016 will be deleted.

If you wish to read the relevant MFSA circular please click here.