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.

Address:

RCI Insurance Limited
Level 3, Mercury Tower,
The Exchange Financial & Business Centre,
Triq Elia Zammit,
St. Julians STJ3155
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 Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Management Letter relating to the SFCR for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

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 RCI 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.