Fiduciary Funds in Insurance: Intermediaries’ Core Responsibilities

Date: 11th September 2024 12:00 - 14:00 Online

Insurance Intermediaries’ Monies held in a Fiduciary Capacity

Description

This training session provides a background of the regulatory requirements which Insurance Intermediaries shall adhere to at all times in terms of Insurance legislation and rules, focusing on obligations arising from ‘Monies held in a Fiduciary Capacity’. In this regard, the session will mainly provide an overview of the regulatory considerations in relation to the Business of Insurance Intermediaries Account, Insurance monies, Insurance transactions, records and receipts. Finally, it also captures the latest amendments to Chapter 8 of the Insurance Distribution Rules.

Topics

  • Regulatory Considerations
  • Monies held in a fiduciary capacity
  • Business of Insurance Intermediaries Account
  • Insurance monies
  • Insurance transactions
  • Records
  • Receipts

 

Learning Objectives

  • Ensuring Compliance with Insurance Distribution Rules issued under the Insurance
  • Distribution Act (CAP.487) in terms of Monies held in a Fiduciary Capacity;
  • Establishing the bank account – Business of Insurance Intermediaries Account;
  • Meeting the expectations with respect to collection of Insurance monies;
  • Knowing the rules with respect to Tied Insurance Intermediaries Accounts.

 

Target Audience

  • Tied Insurance Intermediaries (TII’s)
  • Insurance Company Compliance Officers
  • Finance Function

Assessment Questions and Answers

In line with MFSA requirements, a short multiple-choice assessment will be provided by the trainer towards the end of the session. A Certificate of Attendance will be awarded to all students who attend the CPD (duration will be included on certificate). A Certificate of Achievement will be awarded to those who sit for the assessment and are successful (pass mark 60%).

Trainers

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.

 

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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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