James Vella, who currently holds the position of Head Internal Audit at Middlesea Insurance p.l.c, was appointed as a member of the MAPFRE Solvency II Internal Audit Technical Committee. His membership was approved during the Internal Audit Global Technical Committee held in Madrid, Spain.

The Solvency II Internal Audit Technical Committee is composed of high profile members of the Internal Audit profession within the MAPFRE Group, of which local insurer Middlesea Insurance plc is a subsidiary, with the aim of preparing MAPFRE’s Internal Audit function for the upcoming legislation of Solvency II.

The main function of the Committee is to establish the main guidelines and strategies to be followed by the Internal Audit Function in order to ensure adherence to Solvency II provisions. The Committee will also present all regulatory changes relating to the Solvency II Directive communicated by the European regulators (EIOPA). Members will also discuss and review the calculation of Solvency Capital and assess the Systems of Governance in place. In addition the Committee will discuss and review the work of Internal Auditors relating to Solvency II.

This appointment has been made possible by the synergies created when Middlesea Insurance p.l.c became part of the MAPFRE Group, a global insurance company.