5 April 2015
The Malta Financial Services Authority (MFSA) is responsible for collection of the protection and compensation fund levy in relation to both life and non-life insurance where the location of risk is Malta. This is due annually by the end of July, but returns of premium written should be submitted shortly. It has come to light that the MFSA has not been requesting such returns from all insurers subject to the levy, and in some cases a historical settlement may be required.
Generally, FiscalReps does not offer services related to settlement of these levies in countries where the local regulator deals directly with the insurer. However, we are able to assist with advice and with dealing with the MFSA in relation to any historical settlement. The levy is only 0.125% of the premiums, and there are certain exemptions.