MFSA Announces Extensions In Reporting And Disclosure Deadlines Due To COVID-19 Outbreak

In response to the challenging conditions which are being faced by the financial services sector as a result of the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has announced extensions to certain reporting and disclosure deadlines due by March or April 2020.The MFSA Circular describes the different extensions being granted for each sector.

With specific reference to the insurance sector, MFSA announced the following extensions:

1.  Insurance and Reinsurance Undertakings

For all supervisory reporting and public disclosure requirements under Solvency II, any extensions would only be entertained in line with direction provided by the European Insurance and Occupation Pensions Authority (EIOPA) to ensure consistent supervisory approaches. In this regard, EIOPA has issued recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure ("EIOPA Recommendations").The EIOPA Recommendations urge