The Malta Country Report on the fifth Quantitative Impact Study (QIS5) for Solvency II was published by the Malta Financial Services Authority (MFSA) in March 2011.
The aim of the QIS5 exercise was to carry out an assessment of the practicability, implications and potential impact of the various approaches considered in Solvency II, the new regulatory regime applicable to EEA insurance undertakings from 2013 onwards.
According to the Report a total of 38 companies completed and submitted the QIS5 to the MFSA out of a total of 44 authorised insurance undertakings as at the end of 2009, thus resulting in a participation rate of 86.4%. The Report indicates that, as is also the case on an EEA level, nearly all Maltese insurance undertakings specified that they do not currently have all the resources available and a specific implementation plan in place for Solvency II. However, most of these undertakings reported to have sufficient plans to be ready for Solvency II by the end of 2012.
The full Report is available on the MFSA website (www.mfsa.com.mt)
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