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Malta's New Insurance Law Framework In Place From Jan 1

by Lorys Charalambous, Lowtax.net, Cyprus
29 December, 2015

A new Insurance Business Act will become effective in Malta from January 1, 2016, to align the territory's regulatory regime with the EU's Solvency II Directive.

The new legislation repeals 33 existing rules and replaces them instead with a single rulebook, divided in three parts. Part A contains rules related to the authorization process; Part B contains ongoing compliance requirements, and Part C contains rules relating to reinsurance special purpose vehicles and phasing-in provisions.

The Malta Financial Services Authority recently conducted two public consultations on the new legislation.

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