Registration Time: 13.15
Sessions Time: 13.30 - 15.00 (1.5 Hrs with no break)
Speaker: Ms Jessica Stivala & Ms Sarah Deonne Micallef
Venue: Online Webinar

Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €20.00
Non-MIA Members: €40.00
Retired Members: €10.00
Students: €15.00

*Group bookings for 3 or more participants available.

Background Information

This training session provides a background of the financial resources requirements which Insurance Intermediaries shall adhere to at all times in terms of Insurance legislation and rules, focusing also on obligations arising from ‘Monies held in a Fiduciary Capacity’. Moreover, the session will also provide an overview of the compilation of the Business of Insurance Intermediaries Statements including new templates capturing the aspect of Credit Risk Transfer. The duty of the approved auditor to report and disclose in it’s statement on compliance with requirements specified by the Insurance Distribution Rules will be covered. Finally, it also captures the regulatory reporting deadlines insofar as insurance intermediaries are concerned and latest regulatory updates in particular to the Amendments to Chapter 4 and Chapter 10 of the Insurance Distribution Rules.

Objectives of the session

- Ensuring Compliance with Insurance Distribution Rules issued under the Insurance Distribution Act (CAP.487)
- Updates carried out in the Business of Insurance Intermediaries Statements
- Role of the Approved Auditor in terms of reporting

TOPICS ON THE AGENDA

• Ongoing financial obligations applicable to Insurance Intermediaries (Own Funds, Credit Risk Transfer Agreement, Fidelity Bond)

• Monies held in a Fiduciary Capacity

• Amendments to Chapter 4 and Chapter 10 of the Insurance Distribution Rules – Financial Implications

• Compiling Business of Insurance Intermediaries Statements (including new templates capturing Credit Risk Transfer)

• Regulatory Submissions – Regulatory deadlines and Completeness

Target Audience

Tied Insurance Intermediaries, Insurance Intermediaries, Insurance Intermediaries – Finance Function, Compliance Officers, Approved Auditors

Speakers' Profiles

Jessica Stivala is a Senior Manager within the Insurance and Pensions Supervision function of the MFSA. Since joining the Authority in 2012, Jessica has been involved in and led onsite inspections, desktop reviews, analysis and investigations, predominantly as part of the supervision of the insurance market. Additionally, she has served on a number of MFSA working groups and participates in EIOPA’s committees and Expert networks in the areas of quantitative requirements, audit and accounting. Prior to joining the Authority, she held the position of an Assurance Senior with a Big Four firm wherein she has gained professional experience in auditing. Jessica is a Qualified Public Accountant and holds a Bachelors (Honours) degree from the University of Malta as well as a Masters Degree in Accountancy. She is also a Fellow Member of the Malta Institute of Accountants.

Sarah Deonne Micallef is a Senior Analyst who joined the Malta Financial Services Authority (‘MFSA’) in June 2019 and has been involved in onsite and offsite supervision of Insurance companies. Prior to joining the MFSA, Sarah worked for 4 years with a Big Four firm, wherein she occupied the role of a senior auditor, with a profile of predominantly insurance clients. Sarah has an Accounting and Insurance background, having studied both areas at an undergraduate level, and completed her Master in Accountancy. Sarah is a qualified accountant and auditor by profession.

EVENT CPE COMPETENCES

1.5 Hours Core 

WEBINARS TERMS AND CONDITIONS

Terms and conditions  apply

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