{
  "title": "Malta: Financial Sector Assessment Program-Technical Note-Insurance and Securities Sector Supervision",
  "publication": "IMF Staff Country Reports, November 21, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830",
  "overlayPath": "/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/index.md",
  "summary": "This technical note reviews the institutional arrangement and supervisory practices for the insurance and securities sectors in Malta, focusing on supervisory effectiveness.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Reviews the institutional arrangement and supervisory practices for the insurance and securities sectors in Malta, focusing on supervisory effectiveness.\n- The legal powers and supervisory objectives of the Malta Financial Services Authority (MFSA) are clear and in line with international standards.\n- The MFSA has adequate legal authority to discharge its supervisory responsibilities and to take the necessary preventive and corrective measures to protect the public interest.\n- Clearly established legal gateways for information sharing facilitate supervisory coordination and cooperation between the MFSA and relevant supervisors/authorities, domestically and internationally.\n- The MFSA has proposed amending the MFSA Act to explicitly include the promotion of financial stability and financial market integrity as one of its key functions.\n- Stable funding and full autonomy over the recruitment process are needed to support the MFSA’s operational and financial independence.\n- Recognizing the scope for harmonizing and enhancing the current sectoral risk-based supervision frameworks (RBSF), the MFSA is developing an integrated RBSF."
    },
    {
      "heading": "Legal powers and supervisory objectives",
      "content": "- Legal powers and supervisory objectives of the MFSA are described as \"clear and in line with international standards.\"\n- The MFSA \"has adequate legal authority to discharge its supervisory responsibilities and to take the necessary preventive and corrective measures to protect the public interest.\"\n- Proposed legislative change: amend the MFSA Act to explicitly include the promotion of \"financial stability and financial market integrity\" as one of the MFSA's key functions."
    },
    {
      "heading": "Supervisory coordination and information sharing",
      "content": "- There are \"clearly established legal gateways for information sharing\" that facilitate coordination and cooperation between the MFSA and relevant supervisors/authorities, both domestically and internationally."
    },
    {
      "heading": "Institutional independence and resourcing",
      "content": "- Identified needs:\n  - \"Stable funding\" to support operational independence.\n  - \"Full autonomy over the recruitment process\" to support financial independence and operational capacity."
    },
    {
      "heading": "Risk-based supervision frameworks",
      "content": "- Current state: sectoral risk-based supervision frameworks (RBSF) exist and scope for harmonization and enhancement has been recognized.\n- Reform underway: the MFSA \"is developing an integrated RBSF.\"\n\n---\n\n Content in this bundle\n\n- 1mltea2019007 — Global Insurance Market\n  - 1mltea2019007 — Global Insurance Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mltea2019007 — Global Insurance Market (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/bundle-manifest.json)",
    "Published: November 21, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513520896.002",
    "Reviews the institutional arrangement and supervisory practices for the insurance and securities sectors in Malta, focusing on supervisory effectiveness.",
    "The legal powers and supervisory objectives of the Malta Financial Services Authority (MFSA) are clear and in line with international standards.",
    "The MFSA has adequate legal authority to discharge its supervisory responsibilities and to take the necessary preventive and corrective measures to protect the public interest.",
    "Clearly established legal gateways for information sharing facilitate supervisory coordination and cooperation between the MFSA and relevant supervisors/authorities, domestically and internationally.",
    "The MFSA has proposed amending the MFSA Act to explicitly include the promotion of financial stability and financial market integrity as one of its key functions.",
    "Stable funding and full autonomy over the recruitment process are needed to support the MFSA’s operational and financial independence.",
    "Recognizing the scope for harmonizing and enhancing the current sectoral risk-based supervision frameworks (RBSF), the MFSA is developing an integrated RBSF.",
    "Legal powers and supervisory objectives of the MFSA are described as \"clear and in line with international standards.\"",
    "The MFSA \"has adequate legal authority to discharge its supervisory responsibilities and to take the necessary preventive and corrective measures to protect the public interest.\"",
    "Proposed legislative change: amend the MFSA Act to explicitly include the promotion of \"financial stability and financial market integrity\" as one of the MFSA's key functions.",
    "There are \"clearly established legal gateways for information sharing\" that facilitate coordination and cooperation between the MFSA and relevant supervisors/authorities, both domestically and internationally.",
    "Identified needs:",
    "Current state: sectoral risk-based supervision frameworks (RBSF) exist and scope for harmonization and enhancement has been recognized.",
    "Reform underway: the MFSA \"is developing an integrated RBSF.\"",
    "**1mltea2019007 — Global Insurance Market**"
  ],
  "related": [
    {
      "title": "1mltea2019007 — Global Insurance Market",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2019/1mltea2019007.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2019/1mltea2019007.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2019/1mltea2019007.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/index.md",
    "json": "/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/index.json",
    "bundleManifest": "/en/publications/cr/issues/2019/11/21/malta-financial-sector-assessment-program-technical-note-insurance-and-securities-sector-48830/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T16:07:23.315Z"
}