Regulations, 2003

L.N. 221 of 2003

INSURANCE BROKERS AND OTHER

INTERMEDIARIES ACT

(CAP. 404)

Insurance Intermediaries (Fees) (Amendment)

Regulations, 2003

IN exercise of the powers conferred by article 3 of the Insurance

Brokers and Other Intermediaries Act, the Minister of Finance and

Economic Affairs, after consultation with the Malta Financial Services

Authority, as the competent authority appointed for the objectives of

the Act, has made the following regulations

(1) The title of these regulations is the Insurance

Intermediaries (Fees) (Amendment) Regulations, 2003, and shall be

read and construed as one with the Insurance Intermediaries (Fees)

Regulations, 1999, hereinafter referred to as “the principal regulations”.

(2) These regulations shall come into force on the 1 st

January, 2004.

Paragraph (1) of regulation 2 of the principal regulations shall

be amended as follows

(a) immediately after the definition of “the Act” there shall

be added the following new definition

“ “the Authority” means the competent authority

appointed under article 3 of the Act;”;

(b) the definition of “Centre” shall be deleted, and for the

word “Centre” wherever it appears in the principal regulations,

there shall be substituted the word “Authority”;

(c) immediately after the definition of “the Schedule” there

shall be added the following new definition

“ “the Tribunal” means the Financial Services Tribunal

referred to in article 45 of the Act;”.

For regulation 5 of the principal regulations there shall be

substituted the following:-

“5. When business of insurance broking statements are

forwarded under article 24 of the Act, an enrolled company shall

pay to the Authority the fee specified in the second column of Part

III of the Schedule, according to the amount of its gross

commissions receivable for the calendar year to which the

statements forwarded relate.”.

Part I of the Schedule to the principal regulations shall be Amends Part I of

the Schedule to the

amended as follows

principal

regulations.

(1) For paragraph 4 of Part I of the Schedule to the principal

regulations there shall be substituted the following

“4. Enrolment of a person in the

Sub-agents List

(a) in the case of a person

who is an individual, if the

enrolment is to carry out

insurance sub-agency activities -

(i) in the class or

classes of long term business

or the class or classes, or

group or groups of classes

of general business

(ii) in the class or

classes of long term business

and the class or classes, or

group or groups of classes

of general business

(b) in the case of a person

who is not an individual, if the

enrolment is to carry out

insurance sub-agency activities –

(i) in the class or

45 and 75 in

classes of long term business

respect of

or the classes or classes, or

every

group or groups of classes

business

of general business

premises

(ii) in the class or

75 and 75 in

classes of long term business

respect of

and the class or classes, or

every

group or groups of classes

business

of general business

premises”.

(2) For sub-paragraphs (a) and (b) of paragraph 8 of Part II

of the Schedule to the principal regulations there shall be substituted

the following>

Fee

Lm

“8.

Continuance of -

(a)

registration of a person in the Brokers Register

(b) enrolment of a person in the Sub-agents List

(i) In the case of a sub-agent who is an individual if

the enrolment is to carry out insurance

sub-agency activities -

(aa) in the class or classes of long term business

or the class or classes, or group or groups of

classes of general business

(bb) in the class or classes of long term business

and the class or classes, or group or groups of

classes of general business

(ii) In the case of a sub-agent who is not

an individual if the enrolment is to carry out

insurance sub-agency activities -

(aa) in the class or classes of long term

80 and75

business or the class or classes, or group or

in respect of

groups of classes of general business

every business

premises

(bb) in the class or classes of long term

125 and75

business and the class or classes, or group

in respect of

or groups of classes of general business

every business

premises”.

B

For Part III of the Schedule to the principal regulations there Amends Part III of

the Schedule

shall be substituted the following

to the principal

regulations.

“Part III

Submission of business insurance broking statements fees

Business statements -

First Column

Second Column

Fee

Lm

Gross commissions receivable

Up to and including Lm100,000

Over Lm100,000 up to and including Lm200,000

Over Lm200,000 up to and including

Lm300,000

Over Lm300,000 up to and including

Lm400,000

Over Lm400,000 up to and including

Lm500,000

Over Lm500,000 up to and including

Lm750,000

1,000

Over Lm750,000 up to and including

Lm1,000,000

1,250

Over Lm1,000,000

1,500”.