The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-five thousand seven hundred Euro (€25,700).
The Landmark, Level 1, Suite 2,
Business Activity: Intermediaries - Insurance Managers List
The Company failed to adhere to its obligations in terms of Article 24 of the Insurance Distribution Act to submit the audited financial statements within the regulatory deadline.
On 7 May 2020, the MFSA decided to impose an administrative penalty of twenty-five thousand seven hundred Euro (€25,700) on Artex Risks Solutions (Malta) 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 9 JUNE 2020
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.