The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand Euro (€3,000) on the Company.

Address:

Orlen Insurance Limited
The Hedge Business Centre, Level 3,
Triq Ir-Rampa Ta’ San Giljan,
Balluta Bay,
St. Julians STJ 1062
Malta

Business Activity: Insurance Undertaking in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Article 7(8) and Article 32 of the Insurance Business Act, to submit the Auditors’ Management Letter relating to the Audited Financial Statements for the year ended 31 December 2019 and the Group SFCR for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

On 17 February 2023 the Malta Financial Services Authority decided to impose an administrative penalty of three thousand Euro (€3,000) on Orlen Insurance Limited.

The Malta Financial Services Authority has taken this decision pursuant to Subsidiary Legislation 403.06 – Insurance Business (Penalties for Offences and Infringements) Regulations.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

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.