S.L. 487.8 Art. 12Reporting of breaches.

(1) The competent authority shall establish effective mechanisms to enable and encourage the reporting to it, of possible or actual breaches of the provisions of the Act or of any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder.

(2) The mechanisms referred to in sub-regulation (1) shall, at least, include:

(a) specific procedures for the receipt of reports on breaches and their follow-up;

(b) appropriate protection, at least against retaliation, discrimination or other types of unfair treatment, for employees of insurance or reinsurance intermediaries enrolled under the Act or of authorised insurance undertakings or authorised reinsurance undertakings, carrying out distribution activities, and, where possible, for other persons, who report infringements committed within such intermediaries or undertakings; and

(c) protection of the identity of both the person who reports the breach and the natural person who is allegedly responsible for the breach, at all stages of the procedure unless such disclosure is required by Maltese law in the context of further investigation or subsequent administrative or judicial proceedings.