Insurance Intermediaries (Exemption) Regulations, 2006

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,010, 19 ta’ Diçembru, 2006

L.N. 326 of 2006

INSURANCE INTERMEDIARIES ACT

(CAP. 487)

Insurance Intermediaries (Exemption) Regulations, 2006

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

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

consultation with the Malta Financial Services Authority, has made the

following regulations>-

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

commencement.

Intermediaries (Exemption) Regulations, 2006.

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

January, 2007.

Any reference in these regulations to the Act is a reference to Interpretation.

the Insurance Intermediaries Act, and the provisions of article 2 of the Cap. 487.

Act shall also apply to these regulations.

A person carrying on insurance intermediaries activities in Exemptions

of persons

relation to contracts of insurance shall be exempted from the requirement carrying on

of registration or enrolment under the Act, if the following conditions insurance

intermediaries

are satisfied>

activities from

the provisions

of the Insurance

(a) the contract of insurance is of such a nature that the only

Intermediaries Act.

information that a person is required to provide in relation to the

contract is the cover provided by the contract<

(b) the contract of insurance is not a contract of long term

business of insurance<

(c) the contract of insurance is complementary to the product

or service supplied by the person, where such contract covers>

(i) the risk of breakdown, loss of, or damage to, goods

supplied by that person< or

(ii) damage to or loss of baggage and other risks linked

to the travel booked with that person, even if the contract of

insurance covers long term insurance or liability risks,

provided that the cover for long term insurance or liability

risks is ancillary to the main cover for the risks linked to that

travel, commonly referred to as “travel risks”<

(d) the contract of insurance does not cover any liability

risks, except in the case of a contract which covers “travel risks”,

where the cover for liability risks is ancillary to the main cover

provided by the contract<

(e) the principal professional activity of the person is not

that of carrying out insurance intermediaries activities< and

(f) the amount of the annual premium of the contract of

insurance does not exceed 500 Euro and the total duration of the

contract of insurance, including renewals, does not exceed five

years.

The following activities shall not amount to insurance

intermediaries activities>

(a) the provision of information on an incidental basis in

the context of another professional activity where the purpose of

the activity is not to assist the potential policyholder or policyholder

in concluding or performing an insurance contract<

(b) the management of claims of an insurer on a professional

basis<

(c)

loss adjusting and expert appraisal of insurance claims.

The purpose of these regulations is to implement the relevant

provisions of Directive 2002#92#EC of the European Parliament and of

the Council of 9 December 2002 on insurance mediation which shall be

interpreted and applied accordingly.

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