The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand Euro (€1,000) on the Company.
Oney Life (PCC) Limited
171, Old Bakery Street,
Business Activity: Protected Cell Company writing Insurance Business 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 Auditors’ Management Letter relating to the Audited Financial Statements for the year ended 31 December 2019, within the regulatory deadline.
On 17 February 2023 the Malta Financial Services Authority decided to impose an administrative penalty of one thousand Euro (€1,000) on Oney Life (PCC) 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.