Governance, Risk and Compliance - The Maltese Insurance Industry

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social Security System
2.4.3 Air carriers and aircraft operators insurance
2.4.4 Professional indemnity insurance for healthcare professionals
2.4.5 Professional indemnity insurance for alternative investment fund managers
2.4.6 Protection and indemnity insurance for commercial vessels
2.4.7 Clinical trial liability insurance
2.4.8 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 European Insurance and Occupational Pensions Authority
2.5.3 Federation of European Risk Management Associations
2.5.4 Ministry of Finance
2.5.5 Malta Financial Services Authority
2.5.6 The Financial Services Tribunal
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Malta - Insurance Regulatory Framework Key Features
Table 3: Malta - Life Insurance Regulatory Framework
Table 4: Malta - Property Insurance Regulatory Framework
Table 5: Malta - Motor Insurance Regulatory Framework
Table 6: Malta - Liability Insurance Regulatory Framework
Table 7: Malta - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 8: Malta - Third-Party Liability Limits for Protection and Indemnity Insurance for Commercial Vessels
Table 9: Malta - Liability Limits for Other Claims Under Protection and Indemnity Insurance for Commercial Vessels
Table 10: Malta - Authorization Fees for Insurers and Reinsurers
Table 11: Malta - Annual Supervisory Fee for Insurance Companies Based on Premium Income
Table 12: Malta - Authorization Fees for Auditor
Table 13: Malta - Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses
Table 14: Malta - Annual Supervisory Fee for Undertakings from EU and EEA countries
Table 15: Malta -Application fee for Authorization to carry on Insurance and Reinsurance Businesses
Table 16: Malta - Insurance Premium Taxation
Table 17: Malta - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Malta - Insurance Supervision and Control at Various Levels
Figure 2: Malta - Insurance Regulatory Frameworks for Company Registration and Operation