The Legal and Regulatory Framework in the Insurance Sector - 2 Session Course

FinanceMalta

May 5, 2020

The Legal and Regulatory Framework in the Insurance Sector - 2 Session Course

Overview

BACKGROUND INFORMATIONThe Insurance Sector is one of the fastest growing financial sectors in Malta made up of life and non-life insurers and various intermediaries that are active both domestically and across Europe. The sound insurance legal and regulatory framework in Malta is an important factor that has contributed to the success of this sector. Malta has successfully and efficiently transposed and implemented the provisions of the Solvency II Directive and the Insurance Distribution Directive and has consistently maintained its place as a front runner among the EU Member States with respect to the transposition of EU legislation into national law. In addition, Malta is the only full EU member state that has Protected Cell Company legislation, which has served to attract a number of players to our market.OBJECTIVES OF THIS SESSIONSession 1- To provide an introduction to the local insurance market and its players including the PCC structure. The session will describe the legal and regulatory framework governing the insurance sector in Malta and the recent developments with the introduction of the Insurance Distribution Directive.Session 2 - This session provides an insight to the 3 Pillars of Solvency II and how these regulatory requirements are being implemented by insurance companies. Furthermore the session will include aspects of the Insurance Distribution Directive surrounding the sales processes for an insurance product and Product Oversight and Governance.TOPICS ON THE AGENDASession 1• The different corporate structures for insurers in Malta – LLC, PLC and PCC• The different forms of intermediaries and the different business models adopted by insurers in Malta• An outline of the Insurance Business Act, subsidiary Rules and Regulations• An outline of the Insurance Distribution Act, subsidiary Rules and RegulationsSession 2Solvency II DirectivePillar I – Solvency Capital Requirements of an insurer, Eligibility of Own Funds, Ancillary Own Funds, Tiering of CapitalPillar II – System of GovernancePillar III – Reporting RequirementsInsurance Distribution DirectiveDisclosure requirementsClient AssessmentsProduct Oversight and Governance requirements

Why Attend?

Internal Auditors of insurance companies.
Finance personnel of insurers and insurance intermediaries.
Statutory auditors of insurance intermediaries and insurance companies.

Agenda Highlights:

13:15 - Registration time.
13:30 - 16:45 - Sessions time including a 15-minute break.

Confirmed Speakers

Dr Elaine Magri - Dr Elaine Magri is an Associate within GANADO Advocates’ Insurance and Pensions teamwith particular focus on insurance and re-insurance regulation and corporate matters.Elaine regularly advises the firm’s clients on regulatory and legal matters in relation toinsurance and reinsurance companies, insurance intermediaries and captives and alsoassists clients in general corporate and company law. Elaine regularly assists in mattersrelated to trusts and foundations.
Dr Michelle Whitehead - Dr Michelle Whitehead is a Consultant within GANADO Advocates’ Insurance and Pensionsteam, focusing on re/insurance and pensions regulations. She is involved in assisting clientson legal and regulatory matters in relation to insurance and reinsurance companies,insurance intermediaries and pensions.Prior to joining the firm, Michelle was a Senior Manager of the Regulatory and Legal Teamwith the Insurance and Pensions Supervision Unit at the MFSA. Her role included coordinatingand reviewing the transposition of EU Legislation in Maltese legislation relating to insuranceand pensions, in particular coordinating work on the Solvency II Directive, the InsuranceDistribution directive and the IORP II directive and providing legal guidance on theinterpretation and application of laws, regulations and Rules issues by the MFSA resultingfrom ongoing supervision. She also represented the MFSA in meetings held locally andoverseas, specifically various EU Insurance Working Groups and transposition workshopsorganised by the EU Commission in Brussels on Solvency II, the Insurance Distributiondirective and the IORP II Directive. Michelle was also a member of the Protection andCompensation Fund Management Committee established by the MFSA for 13 years.
Julian Boffa - Julian Boffa is an Insurance Regulatory Advisor within the Insurance and Pensions team ofGANADO Advocates, focusing mainly on re/insurance, corporate governance andregulatory matters. Julian has over 20 years experience working within the Insuranceindustry, with his specialisations being in the Marine Insurance and Insurance Managementfields. His career started in the Commercial and Marine Underwriting Department atMiddlesea Insurance plc, from where he moved into insurance broking to manage theMarine Department at Island Insurance Brokers Ltd. Before joining GANADO Advocates,Julian worked for ten years as General Manager at FirstUnited Insurance Management Ltd.
Tanya Causon - Tanya Causon is the Senior Manager within the Insurance and Pensions team of GANADOAdvocates, working closely with the legal team and with focus on re/insurance andpensions regulation and corporate governance matters. She also manages the companysecretarial services for insurance clients. Tanya is a Chartered Insurer and Associate of theChartered Insurance Institute. She previously worked with the Malta Financial ServicesAuthority in the Insurance and Pensions Supervision Unit for twelve years and was a memberof the Internal Governance, Supervisory Review and Reporting working group of theEuropean Insurance and Occupational Pensions Authority for four years. She started hercareer in the local insurance industry with Middlesea Insurance p.l.c. where she headed theReinsurance Department.