The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand Euro (€1,000) on the Company.
Mapfre Middlesea P.L.C.
Middle Sea House
Floriana FRN 1442
Business Activity: Insurance Undertaking in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta).
The Company failed to adhere to its obligations in terms of Article 7(8) of the Insurance Business Act, to submit the Management Letter relating to the Audited Financial Statements for the year ended 31 December 2019, within the regulatory deadline.
On 16 February 2023 the Malta Financial Services Authority decided to impose an administrative penalty of one thousand Euro (€1,000) on Mapfre Middlesea P.L.C Limited.
The Malta Financial Services Authority has taken this decision pursuant to Subsidiary Legislation 403.06 – Insurance Business (Penalties for Offences and Infringements) Regulations.
This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act.
UPDATE ON 6 APRIL 2023
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.