Registration Time: 13.15
Sessions Time: 13.30 - 16.45 including a 15-minute coffee break
Speakers: Session 1 - Dr. Elaine Magri and Dr. Michelle Whitehead
                   Session 2 - Mr. Julian Boffa and Ms. Tanya Causon
Venue: Online Webinar

Participation Fees (The Institute is now accepting payments via Paypal)

MIA Members: €80.00
Non-MIA Members: €150.00
Retired Members: €40.00
Students: €60.00

Background Information

The 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 session

Session 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 agenda

Session 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 Regulations

Session 2

Solvency II Directive

Pillar I – Solvency Capital Requirements of an insurer, Eligibility of Own Funds, Ancillary Own Funds, Tiering of Capital
Pillar II – System of Governance
Pillar III – Reporting Requirements
Insurance Distribution Directive
Disclosure requirements
Client Assessments
Product Oversight and Governance requirements

TARGET AUDIENCE

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

Speakers' Profile

Dr Elaine Magri is an Associate within GANADO Advocates’ Insurance and Pensions team
with 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 to
insurance and reinsurance companies, insurance intermediaries and captives and also
assists clients in general corporate and company law. Elaine regularly assists in matters
related to trusts and foundations.

Dr Michelle Whitehead is a Consultant within GANADO Advocates’ Insurance and Pensions
team, focusing on re/insurance and pensions regulations. She is involved in assisting clients
on 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 Team
with the Insurance and Pensions Supervision Unit at the MFSA. Her role included coordinating
and reviewing the transposition of EU Legislation in Maltese legislation relating to insurance
and pensions, in particular coordinating work on the Solvency II Directive, the Insurance
Distribution directive and the IORP II directive and providing legal guidance on the
interpretation and application of laws, regulations and Rules issues by the MFSA resulting
from ongoing supervision. She also represented the MFSA in meetings held locally and
overseas, specifically various EU Insurance Working Groups and transposition workshops
organised by the EU Commission in Brussels on Solvency II, the Insurance Distribution
directive and the IORP II Directive. Michelle was also a member of the Protection and
Compensation Fund Management Committee established by the MFSA for 13 years.

Julian Boffa is an Insurance Regulatory Advisor within the Insurance and Pensions team of
GANADO Advocates, focusing mainly on re/insurance, corporate governance and
regulatory matters. Julian has over 20 years experience working within the Insurance
industry, with his specialisations being in the Marine Insurance and Insurance Management
fields. His career started in the Commercial and Marine Underwriting Department at
Middlesea Insurance plc, from where he moved into insurance broking to manage the
Marine 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 is the Senior Manager within the Insurance and Pensions team of GANADO
Advocates, working closely with the legal team and with focus on re/insurance and
pensions regulation and corporate governance matters. She also manages the company
secretarial services for insurance clients. Tanya is a Chartered Insurer and Associate of the
Chartered Insurance Institute. She previously worked with the Malta Financial Services
Authority in the Insurance and Pensions Supervision Unit for twelve years and was a member
of the Internal Governance, Supervisory Review and Reporting working group of the
European Insurance and Occupational Pensions Authority for four years. She started her
career in the local insurance industry with Middlesea Insurance p.l.c. where she headed the
Reinsurance Department.

EVENT CPE COMPETENCES

6 Hours Core 

webinars TERMS AND CONDITIONS

Terms and conditions  apply

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