Registration Time: 09:00
Sessions Time: 09:15 - 12:30  no break
Speakers Sessions 1 & 2: Dr Nadia Cassar, Dr Beppe Sammut, Dr Emma Cassar Torregiani, Ms Romina Bonnici, Dr Philippa Tayler-East

Speakers Session 3: Mr Christopher Cardona & Ms Bertha Toledo

Venue: Online Webinar

Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €110.00
Non-MIA Members: €215.00
Retired Members: €50.00
Students: €80.00

CPE hours are calculated based on the number of hours spent in each session.

BackgrounD information

Malta prides itself on having a robust and diverse insurance market, with local and international players set up as life and non-life insurers, reinsurers and captives, as well as various intermediaries that are active both domestically and across Europe.
The sound insurance legal and regulatory framework in Malta, as well as the innovative and market leading legislation, are key factors which distinguish Malta and which have all contributed to the success of this sector. Malta has consistently maintained its place as a front runner among the EU Member States with respect to the transposition and implementation of EU legislation into national law. In addition, Malta is the only EU member state that has Protected Cell Company, Incorporated Cell Company and Reinsurance Special Purpose Vehicle legislation. The PCC legislation has particularly served to attract a number of players to our market.

Topics on the agenda For sessions 1 & 2

1. Introduction to the local insurance market and its players including the PCC, ICC and RSPV structures.

• The session will describe:

• The legal and regulatory framework governing the insurance sector in Malta, including the Insurance Business Act and the Insurance Distribution Act.
• the recent regulatory developments in this sector.
• the different forms and business models adopted by insurers and intermediaries in Malta.

2. Insight to the 3 Pillars of Solvency II

• Pillar 1 - Financial Requirements Quantitative Requirements - namely the SCR of an insurer, eligibility of own funds and tiering of capital),
• Pillar 2 - Governance & Supervision
• Pillar 3 – Supervisory Reporting & Public Disclosure
B. Overview of the Prudent Person Principle and the Remuneration requirements, proposals in the Solvency II review and subordinated debts under Pillar 1.
C. Insight on the latest regulatory developments taking place at an EU Level, particularly in relation to the Solvency II review.

Background information Session 3

This session will delve into the key aspects of the Solvency II audits, how Solvency II compares to IFRS 17 and will describe the key considerations and likely impacts of IFRS 17 relating to financial reporting. Furthermore, the session will deep dive into key focus areas of IFRS 17 including the main key judgements and accounting policy choices.

Topics on the agenda For session 3

• Key aspects of the Solvency II audits

• A comparison between Solvency II and IFRS 17

• Key impacts of IFRS 17 on the Financial Statements

• Key Judgements and accounting policy choices of IFRS 17

Why are these sessions of relevance to our members?

Accountants specialising in the insurance industry, whether in respect of insurers, reinsurers or captives, as well as insurance intermediaries, should attend.

Target Audience

Persons involved or interested in being involved in the insurance sector as: Internal Auditors, Finance personnel/professionals, Board or Board Committee members, Key function holders, Statutory auditors and Statutory auditors, and Compliance officers.

Speakers' Profiles

Dr Nadia Cassar is a Senior Associate within Ganado Advocates’ insurance team. Nadia regularly advises clients both from a legal and regulatory perspective and takes a leading role in projects relating to acquisitions, mergers, restructurings, financing and portfolio transfers. Nadia also has experience in the tax, corporate and banking sectors. She had initially started her career with a big four audit firm on the island, focusing on tax matters.

Dr Beppe Sammut is Legal Counsel within the insurance and pensions team of Ganado Advocates, where he specialises in the (re)insurance area, with particular focus on insurance and reinsurance legal and regulatory matters, and corporate law related matters. He also has experience in the banking sector, having been involved in secured financing, banking regulatory, derivatives, debt and equity capital markets and financial markets regulation. Beppe has written a number of articles regarding the banking, insurance and pension legal areas, and has also delivered several lectures at the University of Malta, the Malta Institute of Legal Studies and the Malta International Trading Centre.Dr Emma Cassar Torreggiani is an associate within the Ganado Advocates’ insurance and reinsurance legal team and regularly advises insurance and reinsurance companies, including captive insurance undertakings, protected cell companies and insurance intermediaries established in Malta on various corporate and legal matters, both at pre-licensing and post-licensing stage. She also has previous experience in investment services and funds. Dr Emma Cassar Torreggiani is an associate within the Ganado Advocates’ insurance and reinsurance legal team and regularly advises insurance and reinsurance companies, including captive insurance undertakings, protected cell companies and insurance intermediaries established in Malta on various corporate and legal matters, both at pre-licensing and post-licensing stage. She also has previous experience in investment services and funds.

Dr Emma Cassar Torreggiani is an associate within the Ganado Advocates’ insurance and reinsurance legal team and regularly advises insurance and reinsurance companies, including captive insurance undertakings, protected cell companies and insurance intermediaries established in Malta on various corporate and legal matters, both at pre-licensing and post-licensing stage. She also has previous experience in investment services and funds.

Ms Romina Bonnici is Senior Regulatory Advisor within the insurance and pensions team of Ganado Advocates, with focus on re/insurance and pensions regulation. Romina is an Associate of the Chartered Insurance Institute, UK. She previously worked as Senior Manager in the corporate and insurance law practice group of a local law firm. Romina started her career with the Malta Financial Services Authority in the insurance and pensions supervision unit for ten years and within the authorisation unit for a further period of eight years where she held the position of Deputy Director, leading an analytical and multidisciplinary team whose duties primarily involved the processing of application in the areas of insurance, pensions, trusts and corporate services providers. Philippa Taylor-East is Regulatory Advisor within Ganado Advocates’ insurance and pensions team. Philippa joined the firm after 16 years working within a local insurance company wherein she gained technical and practical experience in insurance and regulatory compliance. Philippa started her career as legal counsel working within the company’s corporate services department, with focus also on compliance. She was secretary to the Board and respective Board Committees, and also a member of a number of management committees. Philippa also held the role of Compliance Officer, during which time she delivered compliance training to staff and intermediaries, reviewed on an ongoing basis the policies and procedures of the company and prepared assessments on any changes in the legal and regulatory environment. Philippa Taylor-East is Regulatory Advisor within Ganado Advocates’ insurance and pensions team. Philippa joined the firm after 16 years working within a local insurance company wherein she gained technical and practical experience in insurance and regulatory compliance. Philippa started her career as legal counsel working within the company’s corporate services department, with focus also on compliance. She was secretary to the Board and respective Board Committees, and also a member of a number of management committees. Philippa also held the role of Compliance Officer, during which time she delivered compliance training to staff and intermediaries, reviewed on an ongoing basis the policies and procedures of the company and prepared assessments on any changes in the legal and regulatory environment.

Dr Philippa Taylor-East is Regulatory Advisor within Ganado Advocates’ insurance and pensions team. Philippa joined the firm after 16 years working within a local insurance company wherein she gained technical and practical experience in insurance and regulatory compliance. Philippa started her career as legal counsel working within the company’s corporate services department, with focus also on compliance. She was secretary to the Board and respective Board Committees, and also a member of a number of management committees. Philippa also held the role of Compliance Officer, during which time she delivered compliance training to staff and intermediaries, reviewed on an ongoing basis the policies and procedures of the company and prepared assessments on any changes in the legal and regulatory environment.

Mr Christopher Cardona is a Partner at PwC in Malta. He joined the firm’s assurance practice in 2008 after completing his studies at the University of Malta, where he presently lectures on insurance related matters on a part time basis. Over the years he has specialised in servicing the insurance industry having worked on a range of assignments, including audits, accounting, regulatory and advisory engagements on a number of local and foreign, life and non-life principals as well as captive (re)insurance companies He has been actively involved in the run up to IFRS17, and is part of the PwC network’s team of experts. Over the past 4 years he has delivered training and other non-audit assignments relating to the impact of the standard, including the delivery of a number of client-specific, gap assessment workshops and accounting conversion assignments to Maltese-registered insurers. He is a Fellow member of the Malta Institute of Accountants and a member of the Financial Services Committee and Insurance Working Group.

Ms Bertha Toledo is a certified public accountant and auditor. She has an accounting and insurance background having studied both areas at an undergraduate level, and completed her Masters in Accounting in 2015. Bertha is one of PwC's technical resources having over six years of experience in the insurance industry, and has worked on numerous audit engagements and advisory projects for clients predominantly in the (re)insurance sector. She also worked with PwC's assurance practice in London, UK. She has developed a broad experience in the audit sphere, having been involved in the audits of the largest insurers in Malta for a number of years. Bertha is one of the managers leading PwC's IFRS 17 projects and has delivered extensive training to clients with respect to the impact of the new IFRS 17 standard.

EVENT CPE COMPETENCES

Session 1: 3 Hours Professional

Session 2: 3 Hours Core

Session 3: 3 Hours Core

WEBINARS TERMS AND CONDITIONS

Terms and conditions  apply

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