The insurance segment is one of the most prolific sectors of the financial industry in Malta. The great number of foreign investors who opened financial companies in Malta has increased rapidly during the last several years thanks to the ever-evolving legislation related to the banking sector. Foreign investors have various options, the insurance sector being one of the most profitable ones.
If you have decided to establish a company in the insurance sector, our company incorporation agents in Malta can offer information on the specific legislation covering this industry.
Opening a company in the insurance industry in Malta implies complying with the requirements of the Commercial Code in terms of company registration and then selecting the types of services the business will offer. The insurance legislation in Malta distinguishes between:
All these insurance providers may be register as limited liability companies in Malta or as special purpose vehicles. The latter are also known as protected cell companies. Our company formation consultants in Malta can assist with the registration procedure of these types of companies. They can draft the incorporation documents and file them with the Trade Register in Malta.
An important fact about Malta is that foreign insurers are allowed to re-domiciliate their companies and offer their services in this country.
After the Maltese company formation process is completed, it must obtain its license from the Malta Financial Services Authority (MFSA). The authority can issue the following types of licenses for insurance and reinsurance companies in Malta:
At least 50% of the amount must be deposited when the company is registered. Also, all insurance companies must have their accounts audited in accordance with the IFRS standards. However, these reporting standards were simplified in 2016.
For full information on the requirements to establish a company in the insurance sector in Malta, please contact us.