Maltese insurers grapple with Pillar 3 requirements

Cost and time pressure of reporting obligation “most challenging” aspect

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Maltese insurers have a mountain to climb to comply with Solvency II reporting requirements by the January 2016 deadline, according to a survey of Maltese firms conducted by consultancy PKF Malta.

Forty-eight per cent of surveyed firms – including primary insurers, reinsurers, affiliated insurance companies and protected cell companies (PCCs) – said Pillar 3 reporting and disclosure provisions would be "the most challenging" aspect of the regulation to implement.

A PCC is a legal entity consisti