The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand and three hundred Euro (€1,300) on the Company.
R & Q Insurance Europe Limited
Development House 3rd Floor,
St. Anne Street
Floriana FRN 9010
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 Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Auditors’ Management Letter relating to the SFCR 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 and three hundred Euro (€1,300) on R & Q Insurance Europe 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.
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.