Malta has streamlined the accounting requirements for Reinsurance Special Purpose Vehicles (RSPVs), a move expected to significantly bolster the country’s insurance-linked securities (ILS) market. According to Malta-based law firm Ganado Advocates, these changes offer a more proportionate regulatory environment for complex risk vehicles.
For context, Malta introduced regulatory frameworks for RSPVs and securitisation several years ago.
The Accountancy Profession (General Accounting Principles in respect of certain Eligible Entities related to the business of Insurance) Regulations (GAPEE) originally allowed specific re/insurers to opt out of IFRS 17 in favour of a local accounting framework.
With the introduction of Legal Notice 299 of 2025, the list of entities eligible for this opt-out has been expanded to include: insurance and/or risk transferee vehicles, insurance and/or reinsurance parent undertakings and risk transferee vehicle parent undertakings.
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