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Insurance

Since Malta’s accession to the European Union, insurance and services relating to that sector have contributed significantly to the growth of the financial services sector, with reported revenues from insurance premiums increasing from €116 million from Malta’s entry into the EU, to €650 million in 2010.

Insurance in Malta is regulated by the Insurance Business Act and a number of subsidiary laws. Regulation of insurance is largely controlled at an EU level, and particularly with the introduction of the Solvency II Directive, the Reinsurance Directive and the Insurance Mediation Directives, the sector has become increasingly mobile, with a number of international insurers and re-insurers setting up in Malta.

Moreover, the applicability of the Rome II Regulation on non-contractual obligations has allowed for a degree of uniformity, particularly with regard to the outcome of insurance disputes and litigation, which has enabled a Malta based insurers to benefit from the European Single Market.

Great strides have been taken to make the insurance sector competitive, consequent to which Malta has become a preferred jurisdiction for Protected Cell Company formation, Incorporated Cell Company formation, Captive Insurance, and more recently, Insurance Capital markets.

GVTH has extensive experience in dealing with all aspects of insurance law in Malta, advising on contentious issues and involved in consultations with the MFSA to develop new legislative initiatives.

GVTH’s dedicated team assists clients with:

  • Transactional Advisory
  • Regulatory Compliance
  • Insurance Litigation
  • Reinsurance and risk-transfer