Insurance Business (Fees) (Amendment) Regulations, 2006

L.N. 255 of 2006

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Fees) (Amendment) Regulations, 2006

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)(Amendment) Regulations, 2006, and they shall be read and

construed as one with the Insurance Business (Fees) Regulations, 1999,

hereinafter referred to as “the principal regulations” .

Subregulation (1) of regulation 2 of the principal regulations

shall be amended as follows>–

(a) in the definition “authorisation”, the words “insurance

agent or insurance manager or” shall be deleted<

(b) in paragraph (a) in the definition “branch”, the words

“or a company acting as an insurance agent or insurance manager”

shall be deleted<

(c) the definition “gross commissions receivable” shall be

deleted< and

(d) the definition “gross premiums receivable” shall be

amended as follows>

(i) in paragraph (b) thereof, the words “other than a

recognised insurance body,” shall be deleted<

(ii) paragraph (c) thereof shall be deleted< and

(iii) paragraph (d) thereof shall be renumbered as

paragraph (c).

Subregulations (3) and (4) of regulation 3 of the principal

regulations shall be deleted.

Regulation 5 of the principal regulations shall be amended as Amends

regulation

5 of the

principal

regulations.

(a) for subregulation (1) thereof, there shall be substituted

the following>–

“(1) Subject to subregulation (2) of this regulation,

when business of insurance statements are forwarded under

article 32 of the Act in the case of a company carrying on

business of insurance, the company shall pay to the Authority

the fee specified in Part III of the Schedule, according to the

amount of its gross premiums receivable for the calendar year

to which the forwarded statements relate<”< and

(b) in subregulation (3) thereof, the words “Table A of”

shall be deleted.

Subregulations (3) and (4) of regulation 8 of the principal Amends

regulation

regulations shall be deleted.

8 of the

principal

regulations.

Regulation 9 of the principal regulations shall be deleted.

Amends

regulation

9 of the

principal

regulations.

The Schedule to the principal regulations shall be amended as Amends

the Schedule

follows >-

to the principal

regulations.

(a) for Group B of Part I thereof, there shall be substituted

the following>

“Group B

Authorisation to act as

approved auditor>

(a)

individual

(b) partnership

”<

(b) in Part II thereof -

(i) paragraph 2 thereof shall be deleted< and

(ii) paragraphs 3 and 4 thereof shall be renumbered as

paragraphs 2 and 3 respectively< and

(c) for Part III thereof, there shall be substituted the

following>

“Part III

Submission of business statements fees

Insurers’ business statements -

First Column

Second Column

Gross premiums receivable>

Fee

Lm

Up to and including Lm1,000,000

1,750

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”.

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