Insurance Intermediaries (Fees) Regulations, 2006

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 17,988, 27 ta’ Ottubru, 2006

L.N. 256 of 2006

INSURANCE INTERMEDIARIES ACT,

(CAP. 487)

Insurance Intermediaries (Fees) Regulations, 2006

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

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

consultation with of the Malta Financial Services Authority, has made

the following regulations>-

The title of these regulations is the Insurance Intermediaries Citation.

(Fees) Regulations, 2006.

In these regulations, unless the context otherwise requires -

(Regulations 3 to 6)

Registration, Enrolment, Permit and Business Statements Fees

1. In this Schedule, “business premises”, in relation to tied insurance intermediaries

activities, means any premises from where a person enrolled in the Tied Insurance

Intermediaries List carries out tied insurance intermediaries activities other than its

principal place of business.

Part I

Registration, enrolment and permit fees

First Column

Second Column

Third Column

Submission of

Acceptance of

application fee

application fee

Lm

Lm

2. Registration of a person in the Agents

Register, Managers Register or Brokers

Register

3. Enrolment of a person in the Agents List,

or Brokers List

4. Enrolment of a person in the Managers

List

5. Enrolment of a person in the Tied

Insurance Intermediaries List

(a) in the case of a person who is an individual,

if the enrolment is to carry out tied insurance

intermediaries 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

tied insurance intermediaries activities –

(i)

in the class or classes of long term

45 and 75 in respect of

business or the classes or classes, or

every business premises

group or groups of classes of

general business

(ii)

in the class or classes of long term

75 and 75 in respect of

business and the class or classes, or

every business premises

group or groups of classes of

general business

6. Restoration of a name -

(a)

to the Agents Register, Managers

Brokers Register

(b)

to the Agents List, Managers List

Brokers List

(c)

to

the

Tied

Insurance

Intermediaries List

7. Permit -

(a)

to open a branch

per

per

branch

branch

(b)

to cease to carry on and

subsequently to run-off business

of insurance broking

(c)

to carry out any insurance

intermediary activity prescribed

by any regulation made under the

Act unless the fees payable in

respect of that activity are not

otherwise prescribed by that

regulation

8. Registration

of

an

underwriting

agreement

Part II

Continuance of registration, enrolment and permit fees

First Column

Interpretation.

“the Act” means the Insurance Intermediaries Act, 2006<

“the Authority” means the competent authority appointed

under article 3 of the Act<

“branch”, in the case of a company enrolled in the Agents

List, Managers List or Brokers List, includes any premises of the

company in Malta, other than the company’s principal place of

business, from where the company carries outon business of

insurance intermediaries activities<

“cell” and “cell company” shall have the same meaning as is

assigned to them in the Companies Act (Cell Companies Carrying

L.N. 218 of 2004.

on Business of Insurance) Regulations, 2004<

“gross commissions receivable” means -

(a) in the case of a person resident in Malta or having

its registered office or head office in Malta enrolled in the

Agents List or Brokers List, the gross amount of commissions

receivable in respect of its aggregate insurance intermediaries

activities<

(b) in the case of a company, which is a foreign

company, enrolled in the Agents List or Brokers List, the

gross amount of commissions receivable in respect of its

aggregate insurance intermediaries activities carried on in or

from Malta,

in each case, required to be included in the statements required to

be forwarded under article 25 of the Act in relation to the calendar

year to which the statements relate<

“the Schedule” means the Schedule to these regulations<

“the Tribunal” means the Financial Services Tribunal referred

to in article 21 of the Malta Financial Services Authority Act<”.

and the words and expressions which are also used in the Act

have the same meanings as in the Act.

(1) Subject to paragraphs (2) and (3) of this regulation, any

person applying for registration in the the Agents Register, Managers

Register or Brokers Register, or enrolment in the Agents List, Managers

List or Brokers List or the Tied Insurance Intermediaries List, or

restoration of a name to the Agents Register, Managers Register or

Brokers Register or Agents List, Managers List, the Brokers List or

Tied Insurance Intermediaries List, or registration of an underwriting

agreement, or a permit of a kind, in each case, specified in the first

column of Part I of the Schedule, shall -

(a) upon submission of the application, irrespective of

whether the application is eventually accepted or not, pay to the

Authority the fee relating to the kind of registration, or enrolment,

or restoration or permit to which the application relates specified

in the second column of that Part of the Schedule< and

(b) upon acceptance of the application, pay to the Authority

the fee relating to the kind of registration, or enrolment, or

restoration or permit to which the application relates specified in

the third column of the said Part of the Schedule.

(2) Where at the time of submitting an application a person

is enrolled in the Agents List or Managers List and is applying in relation

to an appointment, the applicant shall pay to the Authority>

(a) upon submission of the application in the case of a person

enrolled in the Agents List, the sum of Lm100 per insurer as

submission of application fee<

(b) upon acceptance of the application in the case of a person

enrolled in the Agents List, the sum of Lm100 per insurer as

acceptance of application fee<

(c) upon submission of the application in the case of a person

enrolled in the Managers List, the sum of Lm 50 per appointment

as submission of application fee<

(d) upon acceptance of the application in the case of a person

enrolled in the Managers List, the sum of Lm 50 per appointment

as acceptance of application fee<

(3) Where an application for enrolment of a person in the

Tied Insurance Intermediaries List is made in the name of a person

whose name has already been entered in the Tied Insurance

Intermediaries List, the fee relating to that application, in the case of

that enrolment, shall not apply.

(4) Where a restoration of a name to the the Agents Register,

Managers Register or Brokers Register or the Brokers List or Agents

List, Managers List, Brokers List or the Tied Insurance Intermediaries

List is made by order of the Tribunal, the fee payable in respect of that

restoration shall not apply.

Any person who, on the 31st December of each year, holds a Payment of

continuance

permit of a kind specified in Part II of the Schedule, or whose name, on of registration,

that date, appears in the Agents Register, Managers Register or Brokers enrolment

permit fees.

Register or the Managers List or the Tied Insurance Intermediaries

List, shall, during the month of January of the next following year, pay

to the Authority the fee relating to the continuance of the kind of permit

held by the person, or the registration or enrolment of the person,

specified in the said Part of the Schedule due on the first day of that

month.

When business of insurance intermediaries statements are Payment

submission of

forwarded under article 25 of the Act, an enrolled person shall pay to business of

the Authority the fee specified in the second column of Part III of the insurance

intermediaries

Schedule, according to the amount of its gross commissions receivable statements fees.

for the calendar year to which the statements forwarded relate.

Copies of certificates of registration or enrolment issued under Sale of copies

of certificates of

the Act shall be made available for purchase from the Authority upon registration or

payment of a fee of Lm1 per copy.

enrolment.

(1) Where an application is submitted by a company to carry

out insurance intermediaries activities, which will when formed or

constituted be enrolled or, when converted, is a company enrolled in

the Managers List or Brokers List in terms of 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 for the creation of a

cell company, irrespective of whether the application is eventually

accepted or not, the sum of Lm200 as submission of application

fee<

(b) upon acceptance of the application for the creation of a

cell company, 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 not, 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<

(2) In the case of a person enrolled in the Brokers List, when

the business of insurance intermediaries statements are forwarded by

the cell company under article 25 of the Act, there shall be paid by the

said cell company to the Authority the fee specified in the Second

Column of Part III of the Schedule according to the amount of the gross

commissions receivable by the cell company, including commissions

receivable by the cells.

(3) In the case of a person enrolled in the Managers List,

during the month of January of the following year, the insurance manager

shall pay to the Authority a continuance fee of Lm 400 for the creation

of a cell company and Lm 300 in respect of each cell created.

(1) Saving the provisions of this regulation, the Insurance

Intermediaries (Fees) Regulations, 1999 are hereby repealed without

prejudice to anything done or omitted to be done thereunder.

(2) Any person who on the date of coming into force of the

Act was authorised to act as an insurance agent or insurance manager

under the Insurance Business Act, shall, in respect of any outstanding Cap. 403.

fees due to the Authority by such person under the Insurance Business

(Fees) Regulations, 1999 up to that date, continue to be governed by L.N. 139 of 1999.

such regulations.

Continuance of -

(a) registration of a person in the Agents Register

Managers Register or Brokers Register

(b) enrolment of a person in the Managers List

(c) enrolment of a person in the Tied Insurance

Intermediaries List

(i) in the case of a tied insurance intermediary who is an

individual if the enrolment is to carry out tied insurance

intermediaries 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 tied insurance intermediary who is not an

individual if the enrolment is to carry out tied insurance

intermediaries activities -

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

or classes, or group or of 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 general business

(d)

permit

(i)

to maintain a branch

(ii)

to run-off business of insurance broking

(iii) to carry out any insurance intermediary

activity prescribed by any regulation made

under the Act unless the fees payable in

respect of that activity are not otherwise

prescribed by that regulation

Part III

Submission of insurance intermediaries statements fees

Business statements –

First Column

Second Column

Gross commissions receivable

Fee

Lm

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

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