The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand and four hundred Euro (€2,400) on an Insurance Undertaking.

ADDRESS:

Il-Pjazzetta, Blk A Suite 21A
Tower Road Sliema
SLIEMA 1607
Malta

BREACHES

The MFSA determined that the Insurance Undertaking has acted in breach of Section 8.6 of Chapter 8 of the Insurance Rules. The Insurance Undertaking failed to submit the Solo RSR for the financial year ended 31 December 2021 within the regulatory deadline.

REGULATORY ACTION

On 11 September 2024, the MFSA decided to impose an administrative penalty of two thousand and four hundred Euro (€2,400) on the Insurance Undertaking.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.

UPDATE ON 10 OCTOBER 2024

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.

UPDATE ON 16 OCTOBER 2025

On 30 July 2025, the Financial Services Tribunal has denied all the requests made by the Insurance  Undertaking and thus decided in the MFSA’s favour.

In view of such, the administrative penalty of two thousand and four hundred Euro (€2,400) imposed by the Authority on the Insurance  Undertaking has been confirmed.