On 31 May 2013, the Malta Financial Services Authority (MFSA) issued a consultation document on Reinsurance Special Purpose Vehicles Regulations (Proposed Regulations) to be issued under the Insurance Business Act (Cap. 403 of the laws of Malta). Directive 2005/68/EC of the 16 November 2005 on reinsurance (Reinsurance Directive) provides Member States with the discretion to allow the establishment, within their territory, of special purpose vehicles to assume risks from insurance or reinsurance undertakings (RSPVs), subject to such RSPVs attaining prior official authorisation by the relevant competent authority of the home member state.
The MFSA’s consultation document called for comments on the draft regulations drawn up pursuant to the requirement set out in the Reinsurance Directive for Member States opting to cater for the creation of RSPVs to establish a legal framework regulating the authorisation, regulation and monitoring of RSPVs in Malta and the respective conditions under which their activities are to be carried out. Camilleri Preziosi has examined the consultation document and submitted its comments and proposals to the MFSA in this regard.
For more information kindly contact Malcolm Falzon on (+356) 2123 8989.