Insurance Business (Fees) (Amendment) Regulations, 2005

L.N. 8 of 2005

INSURANCE BUSINESS ACT

(CAP.403)

Insurance Business (Fees) (Amendment) Regulations, 2005

IN exercise of the powers conferred by article 64 of the Insurance

Business Act, the Prime Minister and Minister of Finance, after

consultation with the Malta Financial Services Authority, has made the

following regulations>-

The title of these regulations is the Insurance Business (Fees) Citation.

(Amendment) Regulations, 2005, and they shall be read and construed

as one with the Insurance Business (Fees) Regulations, 1999, hereinafter L.N.139 of 1999.

referred to as “the principal regulations”.

Sub-regulation (1) of regulation 2 of the principal regulations Amends

regulation 2 of

shall be amended as follows>

the principal

regulations.

(a) immediately after the definition “Brokers List” there

shall be added the following new definitions>

“ “cell” shall have the same meaning as is assigned to it

in the Companies Act (Cell Companies Carrying on Business

of Insurance) Regulations, 2004<

“cell company” shall have the same meaning as is

assigned to it in the Companies Act (Cell Companies Carrying

on Business of Insurance) Regulations, 2004<”< and

(b) immediately after the definition “enrolled company”

there shall be added the following new definition>

“ “ European insurance undertaking” shall have the same

meaning as is assigned to it in the European Passport Rights

for Insurance Undertakings Regulations, 2004.”.

2004.

In sub-regulation (1) of regulation 3 of the principal

regulations, for the words “Protection and Indemnity Club” there shall

be substituted the words “Mutual Association”.

In regulation 4 of the principal regulations, for the words

“Protection and Indemnity Club” there shall be substituted the words

“Mutual Association”.

Regulation 6 of the principal regulations shall be amended as

(a) in the marginal note thereto, for the words “Protection

and Indemnity Club” there shall be substituted the words “Mutual

Association”< and

(b) in the said regulation, for the words “Protection and

Indemnity Clubs” there shall be substituted the words “Mutual

Associations”.

Regulation 7 of the principal regulations shall be renumbered

as regulation 9 thereof.

Immediately after regulation 6 of the principal regulations,

there shall be added the following new regulation>-

7. There shall be paid to the Authority by any European

insurance undertaking establishing a branch in Malta under

undertakings. regulation 3 of the European Passport Rights for Insurance

Undertakings Regulations, 2004, the supervisory fee specified

in Part IV of the Schedule. Such supervisory fee shall be paid

during the month of June of each year and shall be calculated

on the gross premiums receivable attributable to the business

of insurance carried on in Malta through the establishment of

a branch during the last calendar year.”.

Immediately after regulation 7 of the principal regulations,

there shall be added the following new regulation>-

8. (1) Where an application is made by a company

which will, when formed or constituted, be authorised or,

when converted, is a company authorised under article 7 of

the Act, or where an application is submitted by the cell

company for the creation of a new cell to carry on business of

insurance pursuant to the Companies Act (Cell Companies

Carrying on Business of Insurance) Regulations, 2004, the

applicant shall pay to the Authority –

(a) upon submission of the application to carry

on business of insurance as a cell company, irrespective

of whether the application is eventually accepted or

refused, the sum of Lm875 as submission of application

fee<

(b) upon acceptance of the application to carry

on business of insurance as a cell company, the sum of

Lm875 as acceptance of application fee<

(c) upon submission of the application for the

creation of a cell, irrespective of whether the application

is eventually accepted or refused, the sum of Lm300 as

submission of application fee<

(d) upon acceptance of the application for the

creation of a cell, the sum of Lm300 as acceptance of

application fee.

(2) When the business of insurance statements are

forwarded by the cell company under article 32 of the Act,

there shall be paid by the said cell company to the Authority

the fee specified in the Second Column of Table A of Part III

of the Schedule according to the amount of the gross premiums

receivable by the cell company, including premiums

receivable by the cells.

(3) Where an application is made from a company to

act as an insurance manager which will, when formed or

constituted, be authorised or, when converted, is a company

authorised under article 13 of the Act, or where an application

is submitted for the creation of a new cell pursuant to the

Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations, 2004, the applicant shall pay to the

Authority-

(a) upon submission of the application,

irrespective of whether the application is eventually

accepted or refused, the sum of Lm200 as submission of

application fee<

(b) upon acceptance of the application, the sum

of Lm200 as acceptance of application fee<

(c) upon submission of the application for the

creation of a cell, irrespective of whether the application

is eventually accepted or refused, the sum of Lm100 as

submission of application fee<

(d) upon acceptance of the application for the

creation of a cell, the sum of Lm100 as acceptance of

application fee.

(4) During the month of January of the following year,

the insurance manager shall pay to the Authority a continuance

of authorisation fee of Lm400 and Lm300 in respect of each

cell created.”.

In the Schedule to the principal regulations, immediately at

the end of Part III thereof, there shall be added the following new Part

“Part IV

Fees payable by a European Insurance Undertaking

Supervisory fee -

First Column

Second Column

Fee

Lm

Gross premiums receivable during the last

ended calendar year>

Up to and including Lm1,000,000

1,750

B

Supervisory fee -

First Column

Second Column

Fee

Lm

Over Lm1,000,000 up to and

including Lm1,500,000

2,000

Over Lm1,500,000 up to and

including Lm2,000,000

2,500

Over Lm2,000,000 up to and

including Lm3,000,000

3,500

Over Lm3,000,000 up to and

including Lm5,000,000

4,000

Over Lm5,000,000 up to and

including Lm10,000,000

5,000

Over Lm10,000,000

6,500”.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press