Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Please refer to NP Documentation. Please refer to NP Documentation.
CPV: 66000000 Financial and insurance services
Place of execution:
Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Awarding body:
Malta Financial Services Authority
Award number:
NP-02-24
1.
Buyer
1.1
Buyer
Official name
:
Malta Financial Services Authority
2.
Procedure
2.1
Procedure
Title
:
Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Type of procedure
:
Negotiated without prior call for competition
2.1.1
Purpose
Main nature of the contract
:
Services
Main classification
(
cpv
):
66000000
Financial and insurance services
2.1.2
Place of performance
Country subdivision (NUTS)
:
Malta
(
MT001
)
Country
:
Malta
2.1.4
General information
Legal basis
:
Directive 2014/24/EU
5.
Lot
5.1
Lot technical ID
:
LOT-0001
Title
:
Negotiated Procedure for the Provision of Comprehensive Crime Insurance, Civil Liability Insurance, Directors and Officers, and Company Reimbursement Insurance and Cyber Crime Cover for the MFSA
Description
:
Please refer to NP Documentation.
Internal identifier
:
NP-02-24
5.1.1
Purpose
Main nature of the contract
:
Services
Main classification
(
cpv
):
66000000
Financial and insurance services
5.1.2
Place of performance
Country subdivision (NUTS)
:
Malta
(
MT001
)
Country
:
Malta
Additional information
:
5.1.4
Renewal
Maximum renewals
:
0
5.1.6
General information
Procurement Project not financed with EU Funds.
The procurement is covered by the Government Procurement Agreement (GPA)
:
yes
5.1.15
Techniques
Framework agreement
:
No framework agreement
Information about the dynamic purchasing system
:
No dynamic purchase system
5.1.16
Further information, mediation and review
Review organisation
:
Public Contracts Review Board
Organisation providing offline access to the procurement documents
:
Malta Financial Services Authority
TED eSender
:
European Dynamics S.A.
6.
Results
Value of all contracts awarded in this notice
:
292 150
Euro
Direct award
:
Justification for direct award
:
Extreme urgency brought about by events unforeseeable for the buyer
Other justification
:
In today's sensitive Insurance market conditions, the 30-day time window is a very short period of time for Insurers to manage to get the necessary quotes to be able to bid on time. Thus, same as happened in previous years, the Authority ended up without any bids, which subsequently led to our current brokers, Antes, to conduct a re-marketing exercise to get the necessary best quotes. The brokers approached 38 insurance companies, both locally and internationally, but only one company was willing to offer Primary and the Excess layers covers. Brokers find it extremely hard in securing terms from the market for Professional Indemnity Insurance, insurers are no longer willing to provide Professional Indemnity Cover, and will only offer Directors & Officers and Comprehensive Crime covers. Appetite in the Insurance market for Regulators, has been extremely limited as regulatory activities tend to fall outside of many underwriters' remit, in particular the Professional Indemnity exposure of regulators.
6.1
Result lot ldentifier
:
LOT-0001
6.1.2
Information about winners
8.
Organisations
8.1
ORG-0001
Official name
:
Malta Financial Services Authority
Registration number
:
MT17133211
Department
:
MFSA
Postal address
:
Mdina Road, Zone 1, Central Business District