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Governance, Risk and Compliance-The Maltese Insurance Industry

Governance, Risk and Compliance-The Maltese Insurance Industry

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Executive Summary

Timetric's 'Governance, Risk and Compliance-The Maltese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Malta.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Malta, including:

An overview of the insurance regulatory framework in Malta.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Malta.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.


The report covers details of the insurance regulatory framework in Malta.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy

Gain insights into the insurance regulatory framework in Malta.

Track the latest regulatory changes, and expected changes impacting the Maltese insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights

The Maltese insurance industry is regulated by the Malta Financial Services Authority (MFSA), under the Minister of Finance.

The Maltese government permits foreign direct investment up to a limit of 79% in the insurance industry.

The life and non-life insurance businesses in Malta are regulated by the provisions of the Insurance Business Act 1998 and its subsidiary legislations.

Solvency II was implemented effective from January 1, 2016.

Motor third-party liability insurance and employers' liability insurance are compulsory classes of insurance.

Non-admitted insurers and intermediaries are not permitted in the Maltese insurance industry.

1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance regulations

2.3.6 Personal accident and health insurance regulations

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social Security System

2.4.3 Air carriers and aircraft operators insurance

2.4.4 Professional indemnity insurance for healthcare professionals

2.4.5 Professional indemnity insurance for alternative investment fund managers

2.4.6 Professional indemnity insurance for commercial vessels

2.4.7 Clinical trial liability

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 European Insurance and Occupational Pensions Authority

2.5.3 Federation of European Risk Management Associations

2.5.4 Ministry of Finance

2.5.5 Malta Financial Services Authority

2.5.6 The Financial Services Tribunal

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Types of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Malta-The Three Pillars of Solvency II

Figure 2: Malta-Insurance Supervision and Control at Various Levels

Figure 3: Malta-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: Malta-Insurance Regulatory Framework Key Features

Table 3: Malta-Life Insurance Regulatory Framework

Table 4: Malta-Property Insurance Regulatory Framework

Table 5: Malta-Motor Insurance Regulatory Framework

Table 6: Malta-Liability Insurance Regulatory Framework

Table 7: Malta-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 8: Malta-Minimum Cover for Third-Party Liability Per Accident

Table 9: Malta-Minimum Cover for Third-Party Liability Per Accident

Table 10: Malta-Authorization Fees for Insurers and Reinsurers

Table 11: Malta-Annual Supervisory Fee for Insurance Companies Based on Premium Income

Table 12: Malta-Authorization Fees for Auditor

Table 13: Malta-Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses

Table 14: Malta-Annual Supervisory Fee for Undertakings from EU and EEA countries

Table 15: Malta-Application fee for authorization to Carry on Insurance and Reinsurance Businesses

Table 16: Malta-Corporate Tax Rates for the Financial Year 2016

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Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system

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