MFSA fines Mediterranean Insurance Brokers €50,000
MIB has right to appeal on regulator’s €50,000 for breach of insurance intermediaries legislation.
The Malta Financial Services Authority has imposed an administrative penalty of €50,582 on Mediterranean Insurance Brokers (Malta) Ltd for failure to satisfy a requirement of the Insurance Intermediaries Act and for not keeping in a separate account monies held in a fiduciary capacity in accordance with the requirements of the insurance intermediaries legislation.
No further details of the sanction were available in the MFSA website that publicised the administrative penalty.
Mediterranean Insurance Brokers has a right to appeal from this decision up to the 24 May 2012.
