Insurance Intermediaries

Home Advocates Insurance Intermediaries

The co-ordination of national provisions on professional requirements and registration of persons taking up and pursuing the activity of insurance mediation can contribute both to the completion of the EU single market for financial services and to the enhancement of customer protection in this field. Member states were required to implement the Insurance Mediation Directive (Directive 2002/92/EC) by the 15th January 2005. This Directive allows insurance and reinsurance intermediaries to operate in other Member States in accordance with the principles of freedom of establishment and freedom to provide services. Malta has complied substantially with the Insurance Mediation Directive through the introduction of the European Passport Rights For Insurance Intermediaries Regulations. In terms of these regulations, intermediaries may passport into Malta through the establishment of a branch or by providing services on a cross border basis; whilst Maltese intermediaries may establish a branch or provide services on a cross border basis in EU member states or EEA states. This subject to any required notification procedure being followed between the home state supervisor and host state supervisor and details of any applicable guarantee scheme to protect policyholders being given in the case of a branch. Intermediaries passporting into Malta must comply with local rules set by the Malta Financial Services Authority and can only market products of an insurer that has exercised its European rights to Malta. Maltese intermediaries passporting out of Malta must comply with rules imposed by the host member state.

The firm is actively involved in the provision of advice and assistance to companies authorised to carry on insurance business in or from Malta and to persons intending to commence insurance operations in or from Malta, including assistance in obtaining the relevant licences, authorisations or enrolments; regulatory compliance and ongoing assistance in the provision of legal advice related to insurance issues.