The Obligations of Company Directors under the IDD

Description:

The session will outline the main regulatory obligations that emanate from the IDD and which translate into responsibilities for company directors. These requirements will be discussed primarily within the context of the local prudential and conduct regulatory frameworks in order to draw on the practical implications of adhering to such obligations.

Course Topics:

The following topics will be covered during this event:

• Regulatory context: the IDD and its transposition into the local prudential and conduct regulatory frameworks
• The obligations emanating from these frameworks which company directors should be aware of, those prudential and those conduct-driven. Focus will be placed on the responsibilities of the Board of Directors including, amongst others:
• The director assuming responsibility for distribution activities
• The key role of the Board in financial product governance
• The role of the Board in approving specific policies and ensuring the effective implementation of principles within same policies;
• The Board of Directors’ responsibility to be aware of risks that the entity is facing including those of a conduct nature; and
• The management information to be provided to the Board of Directors in relation to areas such as conflicts of interest

Learning Objectives:

The aim of the session is to highlight to company directors the main obligations that emanate from the Insurance Distribution Directive and which apply to them directly or which they should be aware of to ensure that their entities are carrying out distribution activities in line with applicable regulatory frameworks.

Target Audience:

• Insurance company directors (including those of intermediary set-ups)
• Directors who have been tasked with the responsibility to oversee distribution activities in their respective entities
• Key management who contribute towards the distribution activities including compliance, sales and product development
• Individuals forming part of the distribution structures within their entities interested to understand the key role which the Board of Directors plays in this regulatory scenario

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%).

Trainer Name:

Josianne Briffa

Trainer Bio and Experience:

Josianne Briffa has over 15 years of experience in financial services, specialising primarily in the area of financial regulation. She started her career within the Financial Services Advisory Team of a leading audit firm, after which she joined an international group where she led the Compliance and Internals Controls unit for the group’s insurance entities in Malta. In 2013, Josianne joined MAPFRE Malta and she holds the role of Group Chief Compliance Officer.

Josianne is a Certified Public Accountant and holds a Master of Arts in Financial Services with distinction from the University of Malta. She was the first Chairperson of the Regulatory Affairs Sector of the Malta Insurance Association and is a member of the Malta Association of Compliance Officers.