The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-one thousand four hundred and sixty Euro (€21,460).
The Landmark, Level 1, Suite 2,
Business Activity: Protected Cell companies writing insurance business
The Company failed to adhere to its obligations in terms of Article 20(1) and Article 32 of the Insurance Business Act for failure to submit the audited financial statements and the report on solvency and financial condition within the regulatory deadline.
On 17 July 2020, the MFSA decided to impose an administrative penalty of twenty-one thousand four hundred and sixty Euro (€21,460) on Advent Insurance PCC Limited.
This notice is being published in terms of the powers vested in the Authority under Article 16(8) of the Malta Financial Services Authority Act.
UPDATE ON 17 JULY 2020
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.