Regulatory Action against Advent Insurance PCC Limited
JULY 17, 2020

On 16 July 2020, the Malta Financial Services Authority (“MFSA” or “Authority”) decided to impose an administrative penalty of twenty-one thousand four hundred and sixty Euro (€21,460) on Advent Insurance PCC Limited (“the Company”).  The administrative penalty was imposed for breach of its obligations in terms of Article 20(1) and Article 32 of the Insurance Business Act for failure to submit the audited financial statements and the report on solvency and financial condition within the regulatory deadline.

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

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.