Malta: Insurance Managers

Cristina Maria Scerri | 16 Apr 2012

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The Insurance Manager: an overview of the Maltese situation

Insurance Managers are deemed to fall within the category of Insurance Intermediaries which are regulated by the Insurance Intermediaries Act (hereinafter referred to as the Act)  and the Insurance Intermediaries Rules issued by   the Malta Financial Services Authority (MFSA).

In Malta, an insurance manager is deemed to be an ‘insurance intermediary’ which term is defined as referring to any natural or legal person who takes up or pursues insurance intermediaries activities. Insurance intermediaries activities refer to the activities of introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, or of assisting in the administration and performance of such contracts of insurance. 

A natural or legal person is classified as an insurance manager under the Maltese Insurance Intermediaries Act provided the activities carried out fall to be listed in the Schedule to the Act, namely:

  • accepting an appointment from an insurer or reinsurer to manage any part of its business, or to exercise managerial functions therein, or to be responsible for maintaining accounts or other records of such insurer or reinsurer. Management includes authority to enter into contracts of insurance on behalf of the insurer or reinsurer under the terms of the appointment;
  • and accepting an appointment from an insurance broker enrolled under the Act, restricted to contracts of insurance relating to risks situated outside of Malta or commitments where Malta is not the country of commitment, to manage any part of its business, or to exercise managerial functions therein, or to be responsible for maintaining accounts or other records for the broker.

Registration or Enrolment of Insurance Managers in Malta

Insurance managers desirous of conducting insurance intermediaries activities, in or from Malta, must be registered in the Managers Register or enrolled in the Managers List which are maintained by the MFSA.

The Act binds the MFSA to determine an application for registration or enrolment within three months of receiving the information required to be submitted under the Act. If the MFSA refuses to grant the registration or enrolment it is bound to inform the applicant in writing of the reasons for the refusal.

A certificate of registration or enrolment granted or an official copy thereof is to be prominently displayed by the insurance manager concerned at his or its place or places of business, in a part to which the public has access.


Setting up an Insurance Managment company in Malta: The ‘Fit and Proper’ criteria

The Criteria of Fitness and Properness of Insurance Intermediaries  Insurance Intermediary Rule applies to persons desirous of applying for registration in the Managers Register and to all qualifying shareholders, directors, controllers and all persons who effectively manage the affairs and carry out the activities of an enrolled person desirous of applying for enrolment in the Managers List .

 

 


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