MFSA Consultation Document On Knowledge And Ability Requirements And Continuous Professional Development In Terms Of The Insurance Distribution Directive

On the 16th March 2018 the MFSA issued a Consultation Document on two additional chapters which will form part of a Single Rulebook containing all the Insurance Distribution Rules to be issued under the Insurance Distribution Act ("IDA"). This Consultation Document follows from the earlier proposed amendments to the Insurance Intermediaries Act ("IIA") and the Insurance Business Act ("IBA") for the purposes of transposing the Insurance Distribution Directive (""IDD").

The two new proposed chapters relate to:

(a) Knowledge and Ability; and

(b) Continuous Professional Development.

Who will these requirements apply to?

• authorised insurance and reinsurance undertakings carrying out insurance distribution activities and reinsurance distribution activities and their employees who are directly involved in the carrying out of distribution activities;