The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand Euro (€1,000) on the Company.
Multi Risk Indemnity Co Ltd
Portomaso Business Tower, Level 15b,
St. Julians STJ4011
Business Activity: European Insurance Undertakings carrying on business in Malta under the provisions of Freedom of Services.
The Company failed to adhere to its obligations in terms of Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Auditors’ Management Letter for the year ended 31 March 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 Multi Risk Indemnity Co 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.