MFSA Circular And Feedback Statement Re Amendments To PCC Regulations

On 28^th March 2024 the Malta Financial Services Authority (the "MFSA") issued a Circular and Feedback Statement on the amendments to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations (the "PCC Regulations"), a New Chapter 17 to the Insurance Rules titled 'Cell Companies carrying on Business of Insurance' and Amendments to Chapter 5 to the Insurance Rules.

The Circular and Feedback statement were issued following the publication of two Consultation Documents by the MFSA on 13^th September 2023 – the consultation period elapsed on 13^th October 2023. The MFSA reviewed the feedback received and discussed same internally, following which it published the Circular and Feedback Statement highlighting the comments raised by the insurance industry and the MFSA's replies thereto.