Malta European Insurance Brokers

REGULATOR: Malta Financial Services Authority FINANCIAL SERVICES: FRAMEWORK EU & OECD Approved WORKFORCE: Well qualified, English speaking TIMEZONE Central European Time Zone (UTC + 01.00) CONNECTED: 5+ daily flights to London MEMBER OF: EU/Schengen/Commonwealth GDP GROWTH: 5.6% in 2018 (EU forecast)

• Tax Efficient Environment
• EU Passporting
• Innovative Legislation
• Accessible and Indipendent Regulator
• Highly Skilled Professional Workforce

Insurance brokers are regulated in Malta under the Insurance Intermediaries Act which transposes the EU Insurance Distribution Directive (IDD). Firms must become authorised by the MFSA and registered or enrolled under the Act. 

Under the Act the business of insurance broking is defined as parties:

“acting with complete freedom as to their choice of lawful insurers, bring together, with a view to the insurance or reinsurance of risks or commitments, persons seeking insurance or reinsurance and insurers or reinsurers, carry out work preparatory to the conclusion of contracts of insurance or reinsurance and, where appropriate, assist in the administration and performance of such contracts, in particular in the event of a claim”. 

The MFSA maintains a list of persons, carrying on insurance intermediaries activities of insurance brokers referred to as the “Brokers List”, containing details of all persons which are entitled under the Act to be enrolled therein. 
 

• Application Document
• Minimum Capital €58,250
• Setting Registration Fees
• Local Prescence
• Device a Scheme of Operations
• Certificate of Registration