Insurance


The Conduct Supervisory Department looks at how insurance undertakings and intermediaries manage the risks arising from the way in which these entities carry out their business (“conduct risk”).   In this context, insurance undertakings and intermediaries are expected to act in line with the general principle of putting their clients at the heart of the manner in which they run their business. From an industry perspective, addressing and swiftly resolving emerging and crystallised conduct issues can help avoid potential costs such as fines, redress costs, legal fees and not least, reputational damage.  From the customers’ perspective the management of conduct risk would ensure increased consumer confidence in the products and services provided by insurance undertakings and intermediaries.  The Conduct Supervisory Department considers that addressing conduct risk requires looking beyond the direct interaction with consumers at the point of sale (i.e., disclosures and advice). Poor conduct outcomes for consumers may result also from the characteristics of insurance products, how products are brought to the market and from interactions with customers subsequent to the conclusion of the contract.

Regulation

In this section you will find the Rules applicable to insurance undertakings and intermediaries issued by the MFSA.

Insurance Rules

Insurance Distribution Rules

Conduct of Business Rulebook

Insurance Distribution Directive

PRIIPS Regulation

EIOPA Documents

General Good Rules

Conduct-Related Data Reporting Requirements

In this section you will find the Conduct-Related Data return and the relevant Guidance Notes applicable to the Insurance sector.

Circulars and Notes for  Information

Includes a list of all circulars and notes for information issued by Conduct Supervision throughout the past months and years in relation to ‘Insurance’.

Consultation Documents and Feedback Statements

Includes a list of all consultations documents and feedback statements issued by Conduct Supervision throughout the past months and years in relation to ‘Insurance’.