Despite its miniature size, Malta has several big names set up on its shores when it comes to insurance.
Recently, the number of applications for licences has increased, as UK-based brokers seek to safeguard their assets within the EU. Many organisations are looking towards Malta as a result of the island’s attractive legislation and pro-business regulator, the Malta Financial Services Authority (MFSA). As part of this legislation, Malta maintains all EU directives as well as Protected Cell Companies (PCC) and Incorporated Cell Companies (ICC).
In 2004, Malta introduced regulation for PCCs. It is the only EU member to do so and allows insurance organisations to operate through a PCC structure as opposed to traditional set ups. The ICC framework was introduced in 2010, which allows for the creation of cells in order to separate cellular assets and liabilities.
As a member of the EU, insurance companies based in Malta holding a license from the MFSA, are able to passport business across the EU. As a central financial hub, the island is ideally positioned to benefit form the market within North Africa and Middle East as well as a number of accessible flights across Europe.
As a former part of the British Empire, English is one of the official languages of the island, and as a result insurance companies can find a skilled and English-speaking workforce as well as international labourers from all around the EU who can live and work in Malta. As a member of the Commonwealth, Malta’s corporate legislation is based on the UK Company Act and also adopts International Financial Reporting Standards (IFRS).
Chetcuti Cauchi just held a webinar on how Malta can be a post- Brexit Solution for the Insurance industry, if you would like to get more information, click here to register to watch the webinar.