Insurer regulated by the Malta Financial Services Authority - is this oK?

[ihunfor]

Hello. A got car insuance through a broker called Adrian Flux. They sent through details of the insurer which is Trinity Lane.

 

They’ve sent me through the paperwork and I was looking through it and in the Trinity Lane documentation it says this.

 

We are authorised and regulated by the Malta Financial Services Authority under the Insurance Business Act 1998 to carry on the business of general motor and accident classes of insurance.

 

So basically I don’t know if this is OK or if I should be wary that it is not authorised and regulated by an authority here in the UK.

 

I can still cancel with no penalty so I was wondering if anyone could give me some advice. Thank you.

[unclebulgaria67]

It is ok, as they are within the EU. Many companies use Gibraltar registered companies.

 

Check with Adrian Flux the complaints process. Be aware that some of the Insurers outside of the UK can be rubbish. I have read of so many problems with Gibraltar registered Insurers.

[dacouc]

As Uncle has explained, they're allowed to trade in the UK.

 

Insurers base themselves in Gibraltar & Malta as the regulations are not as strict as they are in the UK as a result the cost of setting up a new Insurer is much cheaper than the UK and also the requirements for cash reserves are lower.

 

Professionally I tend to avoid placing any business with Insurers based in Gibraltar, Malta or Iceland as they tend to be poor Insurers.