Regulatory Alerts2026-07-09
Added · Updated
Circular on Fitness and Properness Assessment of Cell Committee Members for Captive Cells of Insurance Undertakings PCCs, Insurance Brokers PCCs, and Insurance Managers PCCs
The Malta Financial Services Authority (MFSA) announced that, with immediate effect, Cell Committee Members of Captive Cells of Insurance Undertakings Protected Cell Companies (PCCs), Insurance Brokers PCCs, and Insurance Managers PCCs will no longer be subject to its fitness and properness assessment. Only the Chair of these Committees will undergo a Personal Questionnaire (PQ) process, while Licence Holders are now solely responsible for conducting appropriate due diligence and suitability assessments for all other Cell Committee Members, both prior to appointment and on an ongoing basis. Licence Holders must maintain adequate records of these assessments and promptly update the Corporate Profile of the authorized entity to reflect any changes in appointed Cell Committee Members.