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Education

Insurance Captives and cells in Malta

October 03, 2016 16:30 to 17:15 Grand Master Suite

Since its membership in the EU, Malta has endeavored to create a flexible, innovative and cost-effective insurance hub offering a comprehensive range of solutions beyond traditional set ups to more innovate structures. Insurance activity accounts for a sizable portion of financial services sector in Malta. Following the launch of Solvency II earlier this year, this session offers risk managers some practical insight from two difference perspectives as to how local companies have navigated through the challenges presented and benefited from the risk based Directive.

 

ORGANISATIONAL TRANSFORMATION BEFORE AND BEYOND SOLVENCY II – Dorothy Kim Vella
This session sets out to address how an insurer owned by a motor vehicle financing company and domiciled in Malta has approached a full scope Solvency II implementation and describes the trans formative process resulting in optimised processes, stronger governance and reinforced risk awareness. Participants will be taken through the maturity cycle of the Company’s risk management framework resulting from its obligations under Solvency II by addressing the following areas:
• How did the Company leverage on existing processes and governance structures to address the new regulatory regime during the preparatory phase of solvency II?
˗ Organisation of key functions and governance bodies
˗ Evolutions in the board agenda
˗ Policies and documentation
˗ Reporting and disclosures
• How did the Company evolve its existing practices to reap benefits from the ERM principles underpinning the Directive?
˗ Reinforcement of three lines of defence model and risk culture
˗ Reaping cross functional synergies
˗ Using the ORSA in strategic decision making
˗ Engraining risk appetite and tolerance levels into day to day operational processes
˗ Understanding and refining own assessment of capital requirements
• What are the ongoing challenges and what opportunities have been identified during this journey?

 

EU PROTECTED CELLS – CHALLENGES AND OPPORTUNITIES UNDER SOLVENCY II – Ian-Edward Stafrace
The number of new protected cells being set up far outgrows those of standalone captives and insurers in most countries worldwide including Malta. We will explain how such differ from standalone entities and why are companies turning to such structures especially under Solvency II.
• What are Protected Cell Companies (PCCs) and Protected Cells and how are these structured?
• As an EU onshore jurisdiction what particularly differentiates Maltese PCC regulation?
• What kind of businesses are using Maltese Insurance PCCs and how?
• How are these treated under Solvency II and what challenges and benefits have these seen in terms of capital, governance and reporting requirements?

About the speakers