Award in Insurance Accounting and Auditing

MQF/EQF Level 4 (5 ECTS Credits) Blended Intake Opening Soon, 17.00

This program has been updated to incorporate recent amendments, with further adjustments made following a quality assurance assessment and feedback received after the initial run of the program.

Accounting for the insurance industry is a specialist area that requires expertise and an understanding of the sector. This course provides a background of finance operations whilst also providing an overview of the main legislation and regulations relevant to the field. It also discusses the underlying aspects of the financial reporting regime insofar as insurance accounting is concerned and general principles of governance and risk management.


Level within the National and European Qualification Framework
The Malta Qualifications Council deems this Award Level 4 on the Malta Qualifications Framework (MQF) (5 ECTS) and on the European Qualifications Framework (EQF) for Lifelong Learning.


The objective of this course is to enable participants to obtain a specialised and technical understanding of the accounting/financial principles and practices underlying insurance operations as well as an understanding of the regulatory requirements and frameworks.

Learning Outcomes

Upon completion of the programme, the learner will be able to:

  • define the relevant regulations and accounting principles affecting insurance
  • describe the general facts, principles and concepts underlying the financial principles related to an insurance environment
  • apply the principles relating to Solvency II
  • demonstrate knowledge of relative legal documents
  • apply the key requirements in IFRS 17 and IFRS 9 for insurance companies
  • interpret primary statements and disclosures on an insurance company’s financial statements
  • demonstrate knowledge on Principles of Prevention of Money Laundering and Corporate Governance



Course Duration

The course consists of 35 contact hours specifically 15 sessions, held once a week. A further 88 hours of self-study is required.

Examination will be held between 09:00-11:00hrs.

In person sessions & Examination will be held at MITC premises:

Centris Business Gateway II, Level 4,
Triq is-Salib tal-Imriehel Zone 3,
Central Business District,
Birkirkara, CBD3020

Course Schedule

June 2024
0317:00-20:00In person
1717:00-20:00In person
July 2024
0817:00-20:00In person
1117:00-19:00In person
1817:00-19:00In person
2917:00-19:00In person

The EXAM will take place on Monday 05 August, 09:00-11:00 at the MITC premises.

In person sessions will take place at the MITC premises.

Entry Requirements

There are no specific entry requirements however as it is intended for practitioners in the relevant field, it is recommended that the participant has an understanding of financial terms and a good level of accounting knowledge (although not necessarily insurance accounting knowledge).

Participants are expected to have a good working knowledge of the English language.

Student CV will be requested to verify the above. A request for copies of certification and references will be made, if deemed necessary.


Intended Audience

This course is suitable for those working or intending to work within an insurance environment for the purpose of accounts and auditing.

This programme will lead successful candidates to perform duties in the financial services Industry, typically in an accounting / auditing environment.


The assessment is a written examination of 2 hours duration, during which candidates will be expected to answer 10 questions.

The pass mark is set at 55%

Discounts and Cancellation Policy
  • Companies effecting group bookings (four or more participants) are entitled to a 10% discount. For group bookings kindly send an e-mail to
  • A 25% cancellation fee is payable for cancellations received within 15 days of the start of the programme
  • No refund will be entitled after the commencement date of the programme

The course gave a good high level review of the various regulatory, accounting and auditing requirements within the insurance industry provided by people who brought their experiences from various entities including the local regulator, service providers and private industry.

A. Sharaf, 2024

The course was very interactive, lecturers provided very good real life examples from their experience which made it more interesting.

P. Sammut, 2024

I found the blended learning option to be beneficial since the in-person sessions where highly interactive and engaging. However, the online sessions stroke a balance because speakers kept the sessions interesting and one could easily follow from the comfort of their own home.

This course was highly beneficial as it gave a 360 view of the insurance industry whilst retaining focus on the accounting and auditing requirements.

Student, 2024


Rakele Cini, LL.D. (Doctor of Laws)

Dr Rakele Cini is an independent legal consultant with many years of experience in AML/CFT, regulatory and compliance advisory. She primarily advises local & international firms / practitioners operating within the regulated industries on matters relating to the prevention of money laundering & funding of terrorism, due diligence, risk management, good governance, and other compliance areas. She is invited to lecture regularly by private institutions and regulatory bodies on these topics. She was previously head of Risk & Compliance at BDO Malta and, prior to that, formed part of the practice protection group at Deloitte Malta for numerous years. Rakele is an active member of the PMLFT sub-committee at the Malta Institute of Accountants and the Institute of Financial Services Practitioners.

Romina Bonnici, B.Com (Honours) Economics; MA Financial Services, ACII

Romina Bonnici is Senior Regulatory Advisor within the insurance and pensions team of Ganado Advocates, with focus on re/insurance and pensions regulation. Romina is an Associate of the Chartered Insurance Institute, UK. She previously worked as Senior Manager in the corporate and insurance law practice group of a local law firm. Romina started her career with the Malta Financial Services Authority in the insurance and pensions supervision unit for ten years and within the authorisation unit for a further period of eight years where she held the position of Deputy Director, leading an analytical and multidisciplinary team whose duties primarily involved the processing of application in the areas of insurance, pensions, trusts and corporate services providers.

Stefan Lia, ACII, BA(Hons) Fin. Serv., MSc, CRISC

Stefan Lia currently Heads the Governance, Risk and Compliance Function at Betsson Group. His responsibilities include coordinating internal audit, managing the group insurance program, designing, implementing and managing risk management and governance processes and acting as advisor to operational management on various matters.

Stefan started his career working with a Maltese insurer where he was responsible for Commercial Insurance underwriting. This was followed by a stint at the MFSA where he spent over four years as part of the Consumer Complaints Unit. Prior to joining Betsson in his current role, he was part of the team Risk Advisory at Deloitte Malta.

Stefan holds an Advanced Diploma in Insurance from the Chartered Insurance Institute, a BA Hons in Financial Services from University of Edinburgh Napier and MSc in Risk Management from Glasgow Caledonian University and is certified in Risk and Information System Controls by ISACA.



Jessica Stivala, B.Com(Honours), FCCA, FIA, CPA

Jessica Stivala is an accountant by profession specialising in Insurance Regulatory as a consultant in her personal capacity, also serving as an Independent Non-Executive Director on the board of a regulated Insurance Company.

She previously worked with the Malta Financial Services Authority within the Insurance and Pensions Supervision function between 2012 and 2021, during which time she held the position of a Senior Manager since 1 January 2018. She has been involved in and led onsite inspections, desktop reviews, analysis and investigations, predominantly as part of the supervision of the insurance market. Additionally, she has served on a number of MFSA cross-sectoral working groups, worked on policy papers and participated in EIOPA’s committees and Expert networks in the areas of Governance, Insurance risk management, reporting, financial quantitative requirements, audit and accounting. Prior to joining the Authority, she held the position of an Assurance Senior with a Big Four firm wherein she has gained professional experience in auditing. Jessica is a Qualified Public Accountant and holds a Bachelor (Honours) degree from the University of Malta as well as a Masters Degree in Accountancy. She is also a Fellow Member of the Malta Institute of Accountants.


Erika Bajada, B.Sc., MBA, FCII, FCCA, AIA

Erika embarked on her career in insurance in 2005 and has since occupied various roles within the insurance industry, primarily focused on regulation and compliance. Erika also worked at the Malta Financial Services Authority for a period of six years, in the insurance and pensions supervision unit and within the conduct supervisory unit where she held the position of Senior Analyst.

In 2019, Erika joined Elmo Insurance Ltd as Compliance Officer and DPO. Erika currently chairs the Regulatory Affairs Sector of the Malta Insurance Association.

Erika is a Fellow of the Chartered Insurance Institute and of the Association of Chartered Certified Accountants respectively. She has also read for an Executive MBA and B.Sc. Business and Computing with the University of Malta.

Renzo Bugeja, CPA, MIA, M.Accty (Melit.), B.Com.

Renzo is a certified public accountant and currently holds the position of a Manager within the Corporate Accounting Advisory Services team at KPMG. Within the KPMG network, Renzo specialises in International Financial Reporting Standards (IFRS) where he is primarily dedicated to servicing insurance clients both locally as well as within the KPMG Islands Group region. Renzo is actively involved in providing a wide range of accounting advisory services to his clients ranging from technical advice, project management, accounting change services and CFO advisory. In parallel, he also forms part of KPMG’s pool of insurance audit specialists. Renzo also delivers IFRS lectures on a variety of topics, ranging from specific IFRS matters to local GAAP, fiscal unity and Companies Act requirements.

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Why Choose Us

MITC is made up of a close-knit team with a real passion for learning and insurance, who believe in the continuous development and empowerment of individuals through learning. We understand all of the nuances and challenges that come with insurance training and, that is why we’re here to help you get your training right.

Our courses are developed following in-depth research and consultation on the subject matter and the related market, thus ensuring participant needs are met. All our trainers are experts in their field and actively contribute towards the continuous development of the courses which they deliver.

Our training services are accredited by the Malta Further and Higher Education Authority (MFHEA) and the European Qualifications Framework platforms. MITC’s homegrown insurance programmes are recognised by the renowned Chartered Insurance Institute, UK.

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