The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand and two hundred Euro (€2,200) on the Company.

Address:

SN SecureCorp Insurance Malta Limited
The Hedge Business Centre, Level 3,
Triq Ir-Rampa Ta’ San Giljan,
Balluta Bay,
St. Julians STJ1062
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) of the Insurance Business Act and Paragraph 8.10.3 of Chapter 8 of the Insurance Rules, to submit the Auditors’ Management Letter relating to the Audited Financial Statements for the year ended 31 December 2019 and 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 two thousand and two hundred Euro (€2,200) on SN SecureCorp Insurance Malta 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.