MFSA Chief Enforcement Officer Michelle Mizzi Buontempo on “a pivotal moment for Malta's insurance sector.”

Michelle Mizzi Buontempo, Chief Officer Enforcement at the Malta Financial Services Authority (MFSA), discusses her upcoming keynote address at the Insurance Conference 2026 and Malta's progress in strengthening its insurance supervision framework. 

You're delivering a keynote address at the MFSA’s Insurance Conference 2026. What can delegates expect from this year's event? 

This year's conference represents a pivotal moment for Malta's insurance sector. We're bringing together regulators and industry leaders to focus on two major regulatory developments that will fundamentally shape how insurers operate in the coming years. The conference centres on the implementation of the Solvency II Review Package, exploring its strategic, operational and supervisory implications for insurers and reinsurers operating in an increasingly complex risk environment.  

We'll also be introducing the Insurance Recovery and Resolution Directive (IRRD), which provides an early opportunity for the industry to understand its objectives, scope, and expected impact. The agenda features contributions from across the MFSA's leadership, including keynote addresses from our Chief Executive Kenneth Farrugia, Chief Officer Supervision Chris Buttigieg, and Ray Schembri, Head of Insurance and Pensions Supervision. Our Head of Resolution, Christian Buttigieg will be specifically addressing IRRD implementation. Through these insightful discussions, participants will gain practical perspectives on navigating the new regulatory landscape and aligning with EU expectations. 

Your career at the MFSA spans over two decades across various supervisory functions. How has your experience shaped your understanding of insurance regulation? 

My journey at the MFSA has given me a comprehensive view of financial services regulation, which has been invaluable in understanding how insurance fits within the broader regulatory ecosystem. Before taking on my current role as Chief Officer Enforcement in March 2020, I spent five years heading the Conduct Supervision function within the MFSA, where I gained deep insight into consumer protection issues across both investments and insurance. One of the most significant projects I piloted was establishing a regulatory regime to enhance consumer protection in the insurance sector, which taught me how crucial it is to balance robust oversight with practical, proportionate regulation.

I have represented the MFSA at various European Supervisory Authority (ESA) committees and am a member of the European Central Bank (ECB) Supervisory Board. These experiences have given me a European perspective on how insurance regulation is evolving so I can see both how the sector is evolving in Malta and across the EU market. Prior to joining the MFSA, I headed the corporate division of an audit firm specialising in financial services, which gave me practical insight into how insurers actually operate day-to-day. 

From an enforcement perspective, what has Malta achieved in strengthening its insurance supervision framework? 

Malta has made substantial progress in embedding a more robust and responsive supervisory culture for the insurance sector. From my enforcement vantage point, I've witnessed a significant evolution in how we approach regulatory compliance. We've moved from a purely reactive model to one that emphasises early intervention and preventative supervision. The MFSA has invested considerably in building specialist expertise within our insurance teams, ensuring we have actuarial, legal and prudential specialists who understand the complexities of modern insurance business models. We've also strengthened our enforcement toolkit, ensuring that when breaches occur, we respond proportionately but firmly. This includes developing clear enforcement policies, enhancing our investigative capabilities and being more transparent about administrative measures and penalties. Crucially, we've improved our engagement with the industry through regular dialogue, thematic reviews, and guidance that helps insurers understand our expectations before issues arise. 

Looking ahead to the implementation of Solvency II Review and IRRD, what does Malta's readiness tell us about the jurisdiction's regulatory maturity? 

Malta's preparation for these regulatory changes demonstrates how far we've come as a supervisory authority. We're not simply waiting for implementation deadlines; we're actively engaging with supervised entities well in advance, providing guidance and building the necessary internal capabilities. For Solvency II Review, we've been working closely with insurers to help them understand the practical implications of proportionality measures and ongoing requirements.  

For IRRD, we're establishing the frameworks needed for early intervention and resolution planning whilst developing our own resolution authority capabilities. This proactive approach reflects Malta's commitment to maintaining its reputation as a jurisdiction that combines robust supervision with genuine understanding of business needs. We recognise that effective regulation isn't about creating barriers but about fostering an environment where well-governed, properly capitalised insurers can operate sustainably whilst policyholders remain protected. 

The Insurance Conference 2026 takes place on 26 February 2026 at the Radisson Golden Sands, Mellieħa. Registration details are available at mfsa.mt.