185 tal-1990

SlIppf;ml'ttI lal·Ga :~l'rl<l luf-C,'('m 1<1' Malra. "'ru. /5,355, 13 1<1' Nm'l'mbfl j. /990

1..:"0', 185 of 1Y90

MAl.TA INTE RNATIONAl. BUSINFSS ACTIVITIFS ACT, 19811

(ACT NO. XXXIV OF 1988)

Malta Interna tional Business Activities (Cootrol of Offshore

Insu .... n.,., Business) Regulations. 1990

IN e:tcreise of the powers conferred by sectio n 52 of the Malta

International Business Activities Act. 1988. the Minister fo r

Development of Tertiary Sector. on the advice of the Malta

International Business Authority. has made the following

regulations: -

These regulations may be cited as the Malta In ternational Ci, .. ion.

Business Activities (Control of Offshore Insurance Business)

Regulations, 1990.

In theSt' regulations. unless the context otherwise requires.

words and expressions used have the same meaning as is assigned to

them in the Malta IlIlernational Business Activities Act. 1988, "co XXXIV

oIt988.

hereinafter referred to as "the Act'".

Th e Insura nce Business Act. 1981 and any sul>5idiary ".,.,tiwion

legislation made the reunde r shall apply to insu rance o ffshore 01

-

companies as they were in force on the 30th June, 1989, and any '0' ....... ....,.

amendmen ts to the ~a id Act or sul>5idiary legislation. and any $ul>5idiary

legislation there under made afte r the aforesaid date , shall apply only if. . . , 'm" .

and to the extent, that may be expressly provided therein.

Notwit hstand ing any provision of the Act , the Authority may I n l o t _

pass information re lating to the affairs of an insurance offshore

company o r of an insurance broking offshore company to a supervisory

authority in a country o r territory outside Malta for the purpose of

enabling or assisting it 10 exe rcise functions correspo nding 10 tOOse of

the Authority under the Act

Provided that no such infonnation shall he passed-

(a) ot her than that which. in the opinion of the Authority. it

is necessary for the reci picn\ authority 10 he aware of in order to

ena ble it to properly discharge ils functions;

(b) if it enables the recipie nt authori ty to identify a policy

holder or othe r customer o r clie nt;

(c) unless Ihe recipient a uthorily is bound by its own rules of

conftdc: nt iality ootlO discl~ the information to any othe r person

or authority. or o ther.o.·ise gives a prior wrillen undenaking 10 the

Authorit ~ th at the infonnat ion is to be used for supervisory

purposes onl~ and that it will nOt be passed to any olhe r person or

a Ulhori l~;

(d) except in pursuance of a fonnal decisionofl he EJcecutive

Commillec of the Authority given on the fil ing of an application b~

the recipie nt au lhori t ~.

- c......a.

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