INSURANCE & PRIVATE PENSIONS LAW UPDATE (Issue No. 15)
The G&A Insurance and Pensions Law Update for June 2009 (Issue 15) has just been released. This newsletter will be of interest to all operators in the pensions, insurance, captive insurance and reinsurance industries.
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(L.N. 142 of 2009) – Interest Rate (Exemptions) Regulations, 2009 enacted under the Civil Code have come into force with retroactive effect from the 24th March, 2009.
The Regulations consolidate Maltese law exemptions on the charging of interest and the compounding of interest previously found in the Civil Code and in the Interest Rate (Financial Transactions) Order, 2005 which has been repealed and replaced by the Regulations.
The Regulations dis-apply any provisions of the Civil Code or of any other law which limit or restrict the charging of interest and the compounding of interest to certain specific debts and other obligations generally referring to financial transactions.
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Renewable Energy
The Government of Malta has recently announced plans to build a near-shore 45 to 95MW windfarm off the northern coast of Malta as well as to develop two other smaller sites on land pursuant to its renewable energy target under the EU's 20 20 by 2020 package.
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