Amendments to Insurance and Reinsurance Legislation
News    ·   22-07-2013

AUTHOR: Malcolm Falzon

Please find here the latest amendments to the law relating to insurance and reinsurance legislation:

Insurance Business (Supplementary Supervision of Insurance and Reinsurance Undertakings in an Insurance Group) (Amendment) Regulations - Legal Notice 183 of 2013

The object of these regulations is to transpose relevant provisions of the Amending Directive. By virtue of these regulations, mixed financial holding companies are added as part of the definition of an “insurance parent undertaking”. A mixed financial holding company is defined by the Financial Conglomerate Regulations as a parent undertaking which is not a regulated entity and which, together with its subsidiaries and other entities, constitutes a financial conglomerate, provided that at least one of its subsidiaries is a regulated entity having its head office in the EU. Pursuant to this inclusion, mixed financial holding companies now also fall within the scope of the principal regulations and are subject to supplementary supervision in accordance with regulation 4 of the principal regulations. 

Additionally, this amendment adds a new regulation which provides for a potentially limited level of application of the Financial Conglomerates Regulations to mixed financial holding companies involved in the business of insurance, particularly in terms of risk-based supervision, provided that agreement to this end is reached with the pertinent supervisory body.

For more information on this legal notice please click here.

A related amendment was made to the Insurance Business (Assets and Liabilities) Regulations, through Legal Notice 184 of 2013 –Insurance Business (Assets and Liabilities) (Amendment) Regulations, 2013 for the purpose of including mixed financial holding companies within the definition of an “insurance parent undertaking” and, in turn, within the scope of the regulations. 

For more information on this legal notice please click here.

For more information on this topic, including how these changes may affect your business, please contact Malcolm Falzon on (356) 2123 8989.

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