Regulatory Notifications in terms of Insurance Intermediaries Rule 23 of 2008

1. 1. Galea Insurance Brokers Ltd is an enrolled company regulated by the Malta Financial Services Authority to transact business of Insurance Broking in Malta. The website is targeted for residents in Malta or for risks situated in Malta.
2. 2. The Registered Insurance Broker is Rosanne Galea
3. 3. Galea Insurance Brokers Ltd requires that all its clients who have reason or cause to claim under their insurance policies contact the office, either through telephone on +356 21 235880 or by email on info@galeabrokers.com . Staff will endeavour to handle the claim procedure as expeditiously as possible after all the relevant details of the claim have been provided by the client. Galea Insurance Brokers Ltd will contact the relevant insurers and endeavour to obtain a satisfactory outcome for the client.
4. 4. As Galea Insurance Brokers Ltd, we endeavour at all times to provide the highest possible levels of service to our Clients but should anyone have a cause for complaint about any aspect of our service then we should be informed without delay and follow our formal Complaints Procedure as detailed below: In the first instance Clients should let us know of their complaint by either speaking or writing to us. For the purpose of IIR 23/2008 4 (4(e)), the officer responsible for consumer complaints is Rosanne Galea. Thereafter, in accordance with our procedure we will provide them with; Our written acknowledgement of receipt of the complaint within 5 working days to advise Clients exactly who will be dealing with this complaint and indicating when they may expect an answer, unless the complaint is one that should more appropriately be referred elsewhere. Our written response to a Client’s complaint within 20 working days from receipt of the original complaint, unless the complaint is sufficiently complex to warrant our investigation over a longer period. The client will be kept informed as to the progress and the likely time scale involved. If we cannot satisfy the Clients’ complaint, clients are entitled to refer it to the Malta Financial Services Authority.

Placing of client’s insurance requirements with members of Lloyd’s

The following disclosure is being made in accordance with Article 8 of IIR 3 of 2007:

1. (i) Relevant Insurance policies are being effected through a Maltese agency, registered in Malta and specified in the relevant policy, acting as a Coverholder under a Binding Agreement with members of Lloyd’s. The Lloyd’s Syndicates subscribing to the proposed policy are specified in the same policy.
2. (ii) It is hereby disclosed that a contract of insurance underwritten at Lloyd’s is underwritten by underwriting members with several liability and not joint and is limited solely to the extent of each Lloyd’s underwriting member’s subscription. The subscribing Lloyd’s underwriting members are not responsible for the subscription of any co-subscribing Lloyd’s underwriting member or other insurer who for any reason does not satisfy all or part of its obligations.
3. (iii) The Lloyd’s Central Fund may be made available at the discretion of the Council of Lloyd’s to meet the liabilities of each of those underwriting members of Lloyd’s who are not financially able to meet their own liabilities; and
4. (iv) In the eventuality of claims remaining unpaid in respect of contracts of insurance which are concluded in Malta and which are entered into by a Lloyd’s approved Maltese Coverholder due to the financial inability of an underwriting member of Lloyd’s to meet its liabilities, limited compensation may be available to the client from the Protection and Compensation Fund established under the Insurance Business Act, 1998;
5. (v) The representative of Lloyd’s in Malta is Lloyds’ Malta Limited, of 19, Zachary Street, Valletta, which is authorised to act generally as judicial representative of, and accept service of any document on behalf of, Lloyd’s and of each of its underwriting members and to file any judicial acts in the registry of any court or similar authority in Malta on behalf of Lloyd’s or any of its underwriting members;