Insurance Statutory Notice) (Amendment) Regulations, 2006

L.N. 117 of 2006

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Linked Long Term Contracts of

Insurance Statutory Notice) (Amendment) Regulations, 2006

IN exercise of the powers conferred by article 12 of the Investment

Services Act, the Prime Minister and Minister of Finance, acting on the

advice of the Malta Financial Services Authority, has made the following

regulations>-

(1) The title of these regulations is the Investment Services Citation and

commencement.

Act (Linked Long Term Contracts of Insurance Statutory Notice)

(Amendment) Regulations, 2006 and shall be read and construed as

one with the Investment Services Act (Linked Long Term Contracts of

Insurance Statutory Notice) Regulations, 2002, hereinafter referred to L.N. 354 of 2002.

as “the principal regulations”.

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

August, 2006.

In the definition “linked long term contract of insurance” in Amends regulation

regulation 2 of the principal regulations, immediately after the words 2 regulations.

“paragraph 7 of the Second Schedule of the Act” there shall be added

the words “, and which is not a distance contract as defined in the

Distance Selling (Retail Financial Services) Regulations, 2005”.

L.N. 36 of 2005.

Regulation 3 of the principal regulations shall be amended as Amends regulation

3 of the principal

follows>

regulations.

(a) in sub-regulation (1) thereof, for the words “either at

the time when the contract is entered into or within two working

days from the date when the contract has been entered into.” there

shall be substituted the words “at the time when the contract is

entered into.”< and

(b) in subregulation (5) thereof, for the words “An insurer

who contravened” there shall be substituted the words “An insurer

who contravenes”.

In subregulation (1) of regulation 4 of the principal regulations, Amends regulation

for the words “within a period of fifteen days” there shall be substituted 4 regulations.

the words “within a period of thirty days”.

The First Schedule to the principal regulations shall be

amended as follows>

(a) in paragraph (1) thereof, for the words “entered into#have

applied to enter into”, there shall be substituted the words “entered

into”<

(b) in paragraph (4) thereof, for the words “The law gives

you 15 days” there shall be substituted the words “The law gives

you 30 days”< and

(c) in paragraph (5) thereof, for the words “within the period

of 15 days” there shall be substituted the words “within the period

of 30 days”.

In the Second Schedule to the principal regulations, for the

words “(name of proposer)” under the heading “RECEIPT” there shall

be substituted the words “(name of policyholder)”.

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