The MFA has announced a number of consultations involving the insurance sector. They are:

Proposals for Insurance Rules and Insurance Intermediaries Rules

The MFSA is currently carrying out a review process of the Insurance Directives primarily in view of the fact that under the Insurance Business Act the term ‘insurance directive’ has been replaced with the term ‘insurance rule’ to avoid confusion of terminology with EU Insurance Directives. As a consequence, the Insurance Directives are now being referred to as the Insurance Rules. While in the process of amending the Directive, the MFSA is also proposing certain amendments to the following Rules:

Insurance Rule 7 of 2009 – Separate Management of Long Term Business and General Business

Insurance Rule 17 of 2009 – Authorisation to Act as Approved Auditor

Insurance Rule 20 of 2009 – Assistance Insurance

Insurance Rule 27 of 2009 – Insurers’ Internal Controls

Insurance Intermediaries Rule 7 of 2007 – Code of Insurance Selling Practice;

Comments ents are to be provided to the MFSA in writing addressed to the Director – Insurance Business Unit or by e-mail on ibu@mfsa.com.mt by not later than March 2, 2009.

The above mentioned consultation papers can be accessed from the MFSA website www.mfsa.com.mt under Announcements – Consultation Papers.