129 tal-1989

L N. 12\1ofI989

INSURANCE: BUSINESS ACT . 1981

(ACT No. XVII OF 1981 )

Life Insurance (Sta tutory Not ~) Regulations, 1\l8\1

IN exe rcise of the powers conferred by section 25 of the Insurance

Busincss Act, 1981. the Mini ster of Finance h 3~ made tile following

regulatio ns:-

I. These regulations may be cited as the Life I nsu ranee (Stat utory

Notice) Regulations. 1989. and shaH come into force on the 1st J:muary.

1990.

D a ..... n ir· regolamenti jistghu jissejhu r-Rcgo1amenti 13'1·1989

dwa r I-Assigurav:joni fuq il- Hajja (Awiz Slatulorjuj . u ghand h<lm !>id" r"·,,,hh,

jibdcwisc hhu n·] ta' J3nn3r. I990.

(Regulation 3)

NOTI CE OF CA NCELLATION

IMPO RTANT - THIS NOTICE, IF MA DE USE OF, MAY BE SER VED

BY H AND, BY VDU OR BY SOMEONE ELSE ON YOUR BEHALF,

O R BY REG ISTERED POST

(To be returned only if you want 10 cancc l lhe oontract)

•

(Con tract reference or code number)

...... ....... ................ ......................... ...... .. ... .... .... , .. " .......................... .

• (N ame of insu rer)

...... , ...... , , ...... ........... - .... .. ... ............... .. .......... .. .. .................. , .. .. ... - ......... .

........... , ......................... .................................. ............................ .......... .

•

(Address of insure r)

I, the undenigned. hereby give nOlice tha t I have decided no t 10 proceed with th is

con tract o f life insurance and that I req uest the return of th e mo ney pa id to you or to

your represen tative in connection with the said contract.

(Signed)

(Name in bl()( k capilals)

(Addre5$)

• (To be filled in by Insurer)

RECEIPT

I. the undersigned. hereby acknowledge rC(;eipt of the Notice of Cancellation

relating 10 l he contract o f life insurance reference/code number

(insen num ber)

proposed by

(name o f proposer)

(Signed)

(Name in bl()(k eapitals)

for ( Name o f Insuraoce Company/Agency)

(Dale)

_ _ It .... ~ '" , .. ~

l!>pllbbI; .... ' "'od·Oopon ..... "' ta' 1-1"""""",...

..: ... ;1,.

1(...,;1,..

M;'""", ft. I"'~ " tal-(;>-e," _ -...s ... G m _ ~ ,., ...

"""'ok

I'r<lZ -I< _

In these regulations. unleS!> Ihe cont exl oth erwise requi res _

Mcontracl of ~fe insu ra nce" me ans D conmlct o t Insurance. by

which an insure r agrees. for a consideration. to pay alum o(money

or other conside ration upon the happening of the death of an

individual (not being a dea th occasioned solely as a result of an

accident o r of a sickllC'l5: specified in lhe policy of insura nce) o r the

happen ing of any contingency dependen t upon human life;

Minsu rer means any company ca rrying o n the business of

M

insurance in Malta;

"partyM means any pa rt to a contract of insurance . whether or

not such contract has been ente red into

"term i ll~urance" means a contract of life insurance which

provides for the p3)'ment by the insurer of A sum of money o r othe r

consideration upo n the happening of death within a term which is

sp«ifi ed in the contract. and which is not extendible by any of the

panies thereto.

(Regolamcnt 3)

AVVIZ TA' K ANCE LLAMENT

I MPO RTANTI - DAN L-AVVIZ , JEKK ISIR UZU MINNU, JISTA'

JlNGH ATA BL-I D M INNEK JEW MINN Xl HADDIEHO R FISM EK JEW

JlNTBAGH AT BI L-POSTA REG ISTRATA

(Ghandu jimbagh t Iura biss jckk inli trid likka rH'ella I-kunt ra il)

(Numru tar-rife renza Jew tal- kodi~i tal- kumrau )

•

•

(Iscm ta ' I-assiguratur)

•

(Indirizz ta ' I-assigur..ttur)

Jicna, hawn t31'U iffinnat. b'dan navta ill; ddecide jll i ma nissuklax bil-kun tra n dwa r

l-assigurazzioni fuq il-h~ jja u li nillob Iura l-flus li kOn! l'I al1asllilc k jcw lir-rapprdent ant

ticgtlek fda k li gl'landu x'jaqsam mal -kunlrau imsemmi.

(lffirmal)

( Iscm b'i m; kbar)

(Ind irizz)

• (Siex iim elew mill-Assiguratur)

RI CEVUTA

J iena. hawn taht iffirmat. b'dan nagtui ritevula la·I-A wii. ta' KarH'e llament li ghandu

x'jaqsam mal -kuntrau ta ' l-assiguranjoni fuq il-hajja numru tar-rifercnzallal·koditi

....... ... " ......... .. ..... ... ........... , ... , .•. " .. (nme l in-n umru)

propost minn ................. , ... , .... , ... , ............................ , ..

(isem tal-proponent)

( Iffirmat)

(Iscm b'imi kbar)

ghal (Isc m tal· Kumpanija/Agcnzi ja la' I·

Assiguraujoni)

(Data)

(I) No ill surer shull e nter in to a eontracl of life insurance.

unless that insurer serves upon the otller party a statutory notice ill

relation to Ihat contract eilhe r prior 10 t he conclusion of suc h contract or

at the lime when the contract is en tered in to.

(2)

A stat utory nOliee is a notice wllich -

(a) colltains such matters (and no others) and is in llle form

set OUI in Schedule I 10 these regula tions. and complies wilh tile

req uirements specified in Ihe following paragraphs of this

regulat ion; and

(b) hu an nexed 10 il a rorm of not ice o f cance llation as s.c t

OUI in Schedule 2 10 the:;e regulat ions.

(3) A sta tutory notice sllall be made out in lhe Maite5e and

English language .

(4) The st3tu tory notice shall be easily legible and shall. as

nearly as praclieable. be a reprodu ction of thal ~t OUI in Schedule I

(and in so far as it relates to the n01ice of cancellation, that set out in

Schedule 2) to these regulatio ns, whether as respcctssize. colour, print,

the use of capitals or bold lette ring and other means of emphasis.

(S) For the purpose of paragraph (I) of the form set out in

Schedule 1 the reference to a name shall be deemed to include a

reference to the dc~ription or title of thc person concerned.

(6) An insurer .... ho con travenes any or the provisio ns o f this

regulation shall be guil ty of an offence and shall be liable. on conviction.

to a fine (mufta) of nOl less than \00 Maltese liri but not exceeding SOO

Maltese liri; but, without prejudice to regulation 4 (2) of these

regu lations. no co ntract of insu rance sh all be invalidated by reason of

th e fact that the insure r has contravened th is regulation in relation to

that comract.

(7)

Paragraph ( \) of this regulation shall oot apply to -

(a) any contract of life insurance concluded before the

coming into force of thesc regulations;

(b) cont rael$ of life insurance for which the proposer is not

an individual;

(c) contracts of life insurance for .... hich the proposer, or. if

there is more than one propo>c r. at least one of the proposcn is

neither a per$()11 on whose life the contract is made nor the SPOUSi!'

or minor child of such a person ;

(d) cont racts o f life insurance into which the proposer is

prior to th e proposal required to cnter in order to obtain credit or

loan faciliti es and such requi rement is shown by documemary

evidence referred to or attached with the proposal

Provided Ihat this paragnaph shall not apply .... here the credi t

or loan facilit y is to be granted by an individual

(e) contracts of life insurance under .... hieh the benefilS

payable are secured by payment of a single premium;

(f)

contracts of tenn insu rance.

(I) A person upon .... hom a statutory notice has been scf'lcd

by an insurer in relation to any co ntnlct to which regulation 3 (I)

app li es, may. within a period of fifteen days beginning from the date on

which such notice has bee n scf'led, scf'le on the insurer a notice of

canccliHtion .... hich compl ies with paragraph (3) of this regulation .

(2) A person to .... hom an insurer ought to havc. but has not.

SCf'led a statutory not ice in relalion to any such contract as aforesaid

may. beforc the laose of one year beginning from th e date of contract,

serw a notice of cancellation on Ih e insure r. If. however. the insu rer

serves a statutory nOlicc upon such person in relation to that contract

before such lalle r person has served a notice of ca nce ll ation under this

paragraph . then. witho ut prejudice to his right to serve a notice of

ca ncellatio n unde r paragraph (1) of this regulation. the right of such

laller person to Jo so unde r this paragraph sholl cease.

(3) A notice o f cancellation may, but need not, be in the

form annexed to th e statuto ry notice, and shall have effect if, however

expressed, it ind icates the in tcnt io n of the person scrving it to withdraw

from the tra nsaction in relation to which th e statutory notice was or

OUghl 10 have been served. Save as aforesaid, the req ui remen ts

applicable to the statutory notice shall mu/Cl/Is mU/l1ndis apply to a

notice of cancella tion.

(4)

Whe re a perIKm serves a no tice of can ce llation. Ihen -

(a) if at the time when the not ice is served the conlract has

bee n enlered inlO, Ihe notice shall ope rHte so as 10 rescind Ihe co n-

tract;

(b) in any ol her case, the service of lhe notice shall operate

as a withdrawal of any offer to en te r into the cont ract which is co n·

tained in, or implied by, any proposal made 10 the insurer by the

person serving the nOlke of cance ll ation and as notice 1.0 the insurer

that any suc h offer is withd rawn.

(5) Where a notice of cance ll at ion operates to rescind a

contract o r as the withdrawal of an o ffer to enle r into a con tract-

(a) any money whi ch the person serving the nOlice has paid

In connection with th e cont ract (whether by way of premium or

othe rwise. and whether to the insurer or to a person who is the

~gent of the insurer for the purpose of receiving the money) shall be

recoverable from Ihe insurer by Ihe person serving the notice;

(b) any benefit unde r th e policy wh ich the insurer has paid to

the person serving the noticc shall be refunded by such person 10

the insurer.

(I) For the purpose of regulation 3 (I). a Sla tUlOry nolice S. ...... cI

shaH be deemed 10 be served on the o the r party if it is sent 10 such party .... .....-y - -

by registered post at the address specified on the proposal form.

(2) For th e purpose of regu lation 4 . a notice of cance ll ation

shall be deemed to be served on the insureri fit is se nt by registered post

\0 the person speci fied on the sta tutory notice al the address speci fied

also thereon.

(3) Notwithslanding the provisions of paragraphs (1) and

(2) of this regulation, a stalutory nOlice o r a notice of cancellation, as

the case may be, may be served on tile o the r pany, or the representative

of the other pany, by any other manner whatsoeve r

Provided that, olher Ihan servi ng by a judicial manner o r regi$-

tered post, the party receiving the notice shall sign the receipt of

o 700

acknowledgement wllich has 10 ind ica te the date of si gna ture and sur·

rende r such receipt to the party serving the notice.

(4) For th e pu rpose ohhese regul ations , the date on which a

statuto ry notice or a notice of cancellat ion . as the ClI!;e may be , shall be

deemed to be served on the other pan y-

(a)

when served by registered post

(i) in respect of 11 statutory nOlice . shall be the fiTJI

working da y following the day of posting; and

(i;) in respei:1 o f a notice of cancellation . shall be the

day of posting ; and

<ii i)

whcn se rved by any othe r manne r, Silve a judici al

manner. shalt be Ihe date on the receipt of acknowledgeme nt.

SCHED ULES

SCHE DULE I

( Regu lati on 3)

STATllTORY NOTICE

IMPORTANT -

READ n{[S NOTICE CA REl-lJLL Y

STATUTORY NOTICE RELATING T O CONTRACfS OF LIFE

INSUR AN CE ISSUED IN COMPLI AN CE WITH n l.E PROVISIONS OF

THE LIFE INSURANCE (STATlJTORY NOTICE) REG ULATIONS. 1989.

To

..... ...... ........ ......... .. .. .. ......... . , ....... .................... ................ ... , ..... ........ ..... .

( Name and address of proposer)

(This notice does not form part of the contra~1 10 which il relales. The te rms and

conditio ns of Ihe contract will be sel out in the po licy document) .

YOU R RIG HT TO CHANG E YOU R MIND

You have propose d e rlleTing int o a contract of life insurance with

(nam e and address of the insure r wilh who m Ihe contracl is being e nte red inIO).

2. On e nte ring into thi$ cont ract you are undenaking 10 pay pre mi ums in relu rn for

which you win beco me entitled 10 receive ben efits payable in circum stance s se t o ut

in Ih e policy.

iI is the refore import ant for you 10 be sure Ihallhe comraCl meelS your needs and

3. that you meel l he o bl igations of the conlract.

"

70 1

4 . The 13w gives you IS days beginn ing from the day on which you are served wit h th is

notice to consider the matter again and, if you so wi sh, to Wi thdraw from the

transaction.

5. If you wish to go ahead wilh the transaction YO ll shou ld do no thing wit h the

attached notice o f cancellation , But if you wish to wit hdraw and to have back th e

money you have paid to Ihe insurer or his rcpresenlH live in connecti on with the

contract , you should serve notice of cancellation (eit he r o n the form aU3ched 10

this notice or otherwise in writing 10 the same effect ) 10 the insu re r whose

particulars are given in paragraph] o f this notice withinlhe period of IS days.

If you have been se rved with this not ice by hand, you are asked 10 ackn owledge ils

receipt by signing the sub-joined foml Ile re und er on a du plicate copy of thi s no tice.

(Sigocd)

(Nam e in block capita ls)

(Office)

MAKE SURE THAT YOU KEEP TH I S NOTICE AND TH A T YOU

ON LY RET URN A COPY THEREOF, DULY SIGNED AND DATED ,

TO THE PERSON WHO HAS SERVED IT ON YOU.

RECEIPT

I . the undersigoed. hereby declare that I have been served wi th the Statutory No tice

relating to the contract of life insurance, of wh ich the above is a copy.

(Signed)

(Name in block capita ls)

( Dale)

B