Malta is one of the most important financial centers in Europe due a sound legislation which covers the investment funds industry, the banking and the insurance sectors. All these industries fall under the supervision of the Malta Financial Services Authorities (MFSA) which issues the licenses required to establish companies in any of the sectors mentioned above. Out of them, the Maltese insurance sector is one of the most prolific.
If you are interested in setting up a company in the insurance sector in this country, you should get acquainted to the legislation providing for this industry. Our lawyers in Malta can also explain the requirements you must comply with when opening an insurance company in Malta.
Legislation related to the insurance sector in Malta
The government in collaboration with the MFSA has established a solid legislation for the insurance and reinsurance industry in Malta. Opening a company in the Maltese insurance sector implies respecting the following laws:
- – the Insurance Business Law of 1998;
- – the Insurance Business Regulations;
- – the Insurance Rules Act;
- – the Affiliated Insurance Companies Act;
- – the Criteria of Fitness and Properness of Insurance Intermediaries Rules;
- – the Code of Conduct for Insurance Intermediaries;
- – the Code of Insurance Selling Practices.
These are just a few of the legislation covering the insurance sector in Malta. Our attorneys in Malta can explain what the other laws to comply with are.
Registering a company in the insurance industry in Malta
Opening a company in the Maltese insurance sector implies registering a company in with the Trade Register and then applying for the necessary licenses to operate. The activities which can be offered by insurance companies in Malta are related to the following fields:
- – life and non-life insurance;
- – vehicle insurance;
- – collective insurance;
- – social insurance;
- – accident insurance.
The following types of companies can offer insurance services in Malta:
- – protected cell companies;
- – incorporated cell companies;
- – limited liability companies.
The minimum amount required to set up an insurance company in Malta is 2.5 million euros.
For full information on the requirement to establish a company in insurance sector, please feel to contact our law firm in Malta. We can also assist you with the company registration process.