The Malta Financial Services Authority (the MFSA), on the 12 July 2010 revoked the authorisation of European Insurance Group Ltd in terms of Article 26 of the Insurance Business Act (Cap 403) (the Act). The company has filed an appeal to the Financial Services Tribunal.

The MFSA, with effect from the 6th August 2010 has, in terms of Article 28(1)(c) and (d) of the Act, appointed Deloitte, Certified Public Accountants, of Deloitte Place Mriehel Bypass Mriehel BKR 3000 Malta:

• to take charge of the assets of European Insurance Group Limited for the purposes of safeguarding the interests of the insureds, policyholders, creditors and shareholders of the company;
• to assume control of the business of the Company.

MFSA Ref: 15-2010