Guidelines on Facilitating an Effective Dialogue between Insurance Supervisors and Statutory Auditors

On the 29 March 2017, the MFSA issued a Circular relating to EIOPA Guidelines on Facilitating an Effective Dialogue between Insurance Supervisors and Statutory Auditors. The purpose of these Guidelines is to facilitate a relevant and efficient dialogue by means of a set of principle-based guidelines to support supervisors of insurance undertakings and reinsurance undertakings in developing a consistent, appropriate and proportionate supervisory approach.

The supervisory tasks of supervisors are to be supported by an effective dialogue between supervisors and statutory auditors and audit firms of such undertakings, in addition to the reporting of information made by auditors pursuant to Articles 68 and 72 of the Solvency II Directive. In terms of Article 12(2) of the Statutory Audit Regulation, the responsibility for establishing this effective dialogue rests with both parties to the dialogue (i.e. the MFSA and the approved auditors of insurance undertakings and reinsurance undertakings carrying on business of insurance under the Insurance Business Act (Cap. 403).

These EIOPA Guidelines shall apply as from the 31st May 2017. These EIOPA Guidelines have been included in Chapter 13 on General Principles of Supervision Rules of Part B of the Insurance Rules issued under the Insurance Business Act (Cap. 403).

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