Chapter 487

In short

This law, called the Insurance Distribution Act, regulates the registration and enrolment of various types of insurance and reinsurance intermediaries, as well as their distribution activities.

What it regulates

• The registration and enrolment process for insurance agents, managers, and brokers.
• Powers of intervention concerning enrolled persons.
• Obligations of enrolled persons.
• Registration and enrolment of tied insurance intermediaries and ancillary insurance intermediaries.

Who it concerns

• Individuals and companies acting as insurance and reinsurance intermediaries.
• Authorised insurance and reinsurance undertakings.

Key points

• The Act establishes registers and lists for different types of intermediaries, such as the Agents Register, Brokers Register, Agents List, and Brokers List.
• It defines various terms related to insurance distribution, including "advertisement," "ancillary insurance intermediaries activities," and "certificate of enrolment."
• The Malta Financial Services Authority (MFSA) is the "competent authority" for this Act.
• The Act outlines specific "Conduct of Business Rules" to be issued by the competent authority.