To date, Malta is the only EU member state to have both
Protected Cell Company (PCC) as well as Incorporated Cell Company
(ICC) legislation in place. Malta first enacted PCC legislation in
2004 when Legal Notice 218 of 2004 introduced the Companies Act
(Cell Companies Carrying on Business of Insurance) Regulations.
These regulations were subsequently revised in 2010 by virtue of
L.N 243 of 2010 (PCC Regulations). There are currently five
licensed PCCs with a total of thirteen licensed cells in the
Maltese insurance industry.
In line with the constantly evolving international financial
world, in March 2010, the Malta Financial Services Authority (MFSA)
issued a note for consultation on the draft ICC regulations
proposing a new corporate vehicle for insurers, building upon the
PCC vehicle. On the 28th December 2010, the Companies
Act (Incorporated Cell Companies Carrying on Business of Insurance)
Regulations, 2010 (ICC Regulations) were introduced through L.N 558
of
