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Please make sure you view all key information in your search results before accepting a risk in the chosen territory.

Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Malta * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's
Insurance
 
Lloyd’s underwriters are authorised to write:
  • All classes of insurance, except motor third party liability, on a freedom of services basis, and
  • All classes of insurance, except term life, on an establishment basis.

Lloyd’s underwriters can accept insurance for the classes listed below, either on a freedom of services or establishment basis:

Last updated: 07 Nov 2018


Reinsurance

Lloyd's underwriters are permitted to write all classes of reinsurance business originating from this territory.
Last updated: 07 Nov 2018

Post-Brexit trading rights
Last updated: 29 Jan 2019


Definition of risk location

Lloyd's
A risk is located in a European Union or European Economic Area member state if it is:

Insurance

(a) A building (and its contents issued under the same policy) situated in that member state;

(b) A motor vehicle, ship, yacht or aircraft registered in that member state;

(c) A travel policy for four months or less taken out in that member state.

For any other type of insurance (including a life insurance) it is an individual if the insured is habitually resident in the member state or a business or an organisation if the establishment to which the contract relates is situated in that member state.

Reinsurance

A reinsurance of an insurer located in that member state.

Last updated: 07 Nov 2018

Definition of Malta

Malta includes the islands of Malta, Gozo and Comino.

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 07 Nov 2018

Compulsory classes

Lloyd's

The following classes are compulsory in Malta:

  • Third party liability for motor vehicles
  • Third party liability for pleasure craft and ship owners.
  • Third party liability for fire arms holders.
  • Professional indemnity for auditors, accountants, engineers, insurance brokers, insurance agents, notaries, private guards, local wardens and trustees.
  • Insurance for a retirement scheme administrator in respect of loss of money or loss or damage to any other asset or property belonging to the scheme administrator or in its care, custody or control or for which the Scheme Administrator is responsible.
  • Protection and Indemnity (P&I) cover for commercial vessels of 300 GT (gross tonnage) or more where the vessel is registered in Malta or is registered in another country and enters a port in Malta.
  • Public liability for vessels licensed to carry more than 12 passengers in respect of injury to passengers and damage to their luggage, where the vessel is registered in Malta or is registered in another country and enters a port in Malta.
  • Clinical trials liability.
  • Third party liability for travel agents and tour operators.
  • Third party liability for hunters.
  • Third party liability for persons discharging fireworks.
  • Aircraft liability.
  • Third party liability for port workers.
  • Third party liability for diving centres.
  • Third party liability for oil pollution caused by certain vessels.
  • Professional indemnity insurance for doctors, dental surgeons, pharmacists, pharmacy technicians, nurses, midwives, acupuncturists, chiropractors, clinical perfusionists, dental hygienists, dental technologists, dieticians, environmental health officers, medical laboratory scientists, nutritionists, occupational therapists, optometrists, orthoptists, osteopaths, physiotherapists, podiatrists, psychotherapists, radiographers and speech language pathologists. 
  • Professional indemnity for trustees appointed under the Trusts and Trustees Amendment Act 2014.
Last updated: 07 Nov 2018

Distribution channels

Coverholder business

Lloyd's
Lloyd's requirements for a coverholder carrying on Maltese business on behalf of a Lloyd's managing agent

Binding authority held by a Malta based coverholder
Last updated: 07 Nov 2018

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Binding authority held by a coverholder outside Malta, in another EEA Member State 
Last updated: 07 Nov 2018

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Binding authority held by a coverholder outside Malta and outside the EEA
Last updated: 07 Nov 2018

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Reinsurance
Last updated: 07 Nov 2018

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Post-Brexit coverholder arrangements
Last updated: 07 Nov 2018

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Open market business

Lloyd's

The Open Market Correspondent (OMC) approval process does not apply in this territory.

The following must be noted.

Open market business via a Maltese intermediary, dealing directly with Lloyd's or with a Lloyd’s broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must be a registered intermediary in Malta.
  • The intermediary's name, address and lines of business to be produced must be submitted to the Lloyd's General Representative for Malta. This requirement extends to providing this information in respect of all intermediaries included in the producer chain and is for commercial purposes.

Open market business via an intermediary outside Malta in the EEA, dealing with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration. However, it must operate in accordance with Maltese law and regulation.
  • It must be a registered insurance intermediary in its home state.
  • It must have passporting approval for Malta if it is going to conduct insurance mediation activity in the territory.

Open market business via an intermediary outside Malta and outside the EEA, dealing directly with a Lloyd's broker

  • The intermediary does not require Lloyd’s approval or registration.
  • The intermediary must not engage in insurance mediation in Malta.
  • The intermediary must deal with customers in Malta only via an insurance intermediary that is either registered in Malta or registered in another EEA member state and with passporting authorisation for Malta.

Reinsurance

  • A reinsurance intermediary carrying on reinsurance mediation in Malta must be either registered there or have passporting approval for Malta.
Last updated: 07 Nov 2018

Intermediary regulation

Lloyd's

Malta has implemented the EU Insurance Mediation Directive (Directive 2002/92/EC) by way of the insurance Intermediaries Act 2006.

Section 6 of the Insurance Intermediaries Act 2006 prohibits anyone from carrying on insurance mediation activity in or from Malta unless they are authorised by the Malta Financial Services Authority (MFSA). Therefore, non-Maltese insurance intermediaries must not solicit business in Malta directly from Maltese clients unless they are authorised by the MFSA or have passporting approval from their EU home state regulator. 

Intermediaries are categorised as agents or brokers and must be registered and authorised by the MFSA. Both categories are permitted to be Lloyd’s coverholders. A list of registered intermediaries is available on the MFSA website.

Last updated: 07 Nov 2018

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 15 Feb 2019


Market Reform contract guidance

Lloyd's
This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (ie not reinsurance).
Last updated: 10 Oct 2014


Language of contract

Lloyd's
Article 8(c) of Insurance Rule 3 of 2007 states that pre-contractual information and policy information provided to an insured shall be “in the Maltese or English language or in a language agreed to by the parties”.
Last updated: 07 Nov 2018

Choice of law

Lloyd's
To meet contract certainty requirements, the insurance contract must contain a choice of law clause.
Last updated: 07 Nov 2018


Jurisdiction

Lloyd's

To meet contract certainty requirements, the insurance contract must contain a jurisdiction clause.

The Revised Brussels I Regulation 1215/2012/EU applies and determines the jurisdiction applicable.

Insurance of large risks: The underwriter can agree with the insured the jurisdiction that will apply to the contract.

Insurance of mass risks: In the event of a dispute, the rules in the Revised Brussels I Regulation determine the EU member state(s), in which a party can bring an action.

Reinsurance: The underwriter can agree with the reinsured the EU member state whose jurisdiction will apply to the contract.

Last updated: 07 Nov 2018


Service of suit

Lloyd's

Insurance
Establishment business: It is mandatory to include a service of suit clause. The nominee may be the Lloyd's General Representative or any party acting on behalf of Lloyd’s underwriters, such as a coverholder. However, note that an insurance broker in Malta is not permitted to accept service of suit on behalf of an insurer.

Due to the provisions for litigation against Lloyd’s underwriters in Section 48A(4) of the Insurance Business Act 1998, Lloyd’s strongly recommends that the Lloyd’s General Representative is the service of suit nominee.

It is mandatory to use the applicable service of suit clause for Malta and these are available on the Lloyd’s Wordings Repository.

LSW1660A - motor third party liability
LSW1826 - all other classes of business

Services business: The requirements for establishment business above also apply to services business.

Reinsurance
There are no requirements for reinsurance business.

Last updated: 07 Nov 2018


Representative(s)

Representative(s)

Lloyd's

Lloyd's Malta Ltd
c/o Ganado Advocates
171 Old Bakery Street
Valletta
VLT 1455
Malta

Dr. Louis Cassar Pullicino
Director, Lloyd's Malta Ltd
Tel: + 356 2123 5406
Fax: + 356 2122 5908 
Email: lcpullicino@ganadoadvocates.com

For further information about Lloyd's in Malta please click here.

Last updated: 07 Nov 2018