Affiliated Insurance) (Amendment) Regulations, 2007

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,135, 12 ta’ Ottubru, 2007

L.N. 288 of 2007

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Companies Carrying on Business of

Affiliated Insurance) (Amendment) Regulations, 2007

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>

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

(Companies Carrying on Business of Affiliated Insurance) (Amendment)

Regulations, 2007, and they shall be read and construed as one with the

Insurance Business (Companies Carrying on Business of Affiliated

Insurance) Regulations, 2003, hereinafter referred to as “the principal L.N. 334 of 2003.

regulations” .

(2) These regulations shall come into force on the 15th

October 2007.

Regulation 2 of the principal regulations shall be amended as Amends

regulation 2

follows> -

of the principal

regulations.

(a) the present regulation shall be renumbered as sub-

regulation (1) thereof, and

(b) in sub-regulation (1) thereof, as renumbered>

(i) immediately after the definition “affiliated insurance

company”, there shall be added the following new definition>

“ “affiliated reinsurance company” means a

company carrying on business of affiliated insurance

restricted to reinsurance<”<

(ii) for the definition “the Authority”, there shall be

substituted the following>

“ “the Authority” means the Malta Financial

Services Authority established by article 3 of the Malta

Financial Services Authority Act and appointed under

article 3 of the Act to be the competent authority for the

purposes of the Act<”<

(iii) for the definition “business of affiliated insurance”,

there shall be substituted the following>

“ “business of affiliated insurance” means the

business of a company authorised in terms of the Act,

whose head office is in Malta and which carries on

business of insurance restricted to risks originating with

shareholders or connected undertakings or entities and

includes business carried on by an affiliated reinsurance

company<”< and

(iv) for the definition “the directive”, there shall be

substituted the following>

“ “insurance rule” has the same meaning as is

assigned to it by article 2 of the Act.”<

(v) the words “and words and expressions which are

also used in the Act shall in these regulations have the same

meanings as in the Act.” shall be deleted.

(c) immediately after sub-regulation (1) thereof, as

renumbered, there shall be added the following new sub-regulation

“(2) Words and expressions which are also used in the

Act shall in these regulations have the same meanings as in

the Act.”.

Regulation 3 of the principal regulations shall be amended as

(a) for the words “by a directive”, there shall be substituted

the words “by an insurance rule”< and

(b) immediately after the words “an affiliated insurance

company”. there shall be inserted the words “or an affiliated

reinsurance company”.

Regulation 4 of the principal regulations shall be amended as Amends

regulation

follows> -

4 of the

principal

regulations.

(a) in sub-regulation (1) thereof, for the words “any rules,

regulations and directives”, there shall be substituted the words

“any regulations and insurance rules”<

(b) sub-regulation (3) thereof, shall be deleted<

(c) sub-regulations (4),(5),(6),(7),(8),(9) and (10) thereof,

shall be renumbered as sub-regulations (3) (4),(5),(6),(7),(8) and

(9) respectively<

(d) in sub-regulation (3) thereof, as renumbered,

immediately after the words “an affiliated insurance company”,

there shall be inserted the words “or an affiliated reinsurance

company”<

(e) in sub-regulation (4) thereof, as renumbered,

immediately after the words “an affiliated insurance company”,

there shall be inserted the words “or an affiliated reinsurance

company”<

(f) sub-regulation (5) thereof, as renumbered, shall be

amended as follows>

(i) for the words “Where a transfer of business of

insurance is not one where both the transferor and the

transferee are companies carrying on business of affiliated

insurance” there shall be substituted the words “Subject to

article 37 of the Act, where it is proposed to carry out a transfer

of business of insurance where either the transferor or the

transferee are companies carrying on business of affiliated

insurance”<

(ii) paragraph (b) thereof, shall be deleted<

(iii) paragraph (c) thereof, shall be renumbered as

paragraph (b)<

(iv) in paragraph (b) as renumbered, for the words

“manager< and”, there shall be substituted the words

“manager.”< and

(v) paragraph (d) thereof, shall be deleted< and

(g) in sub-regulation (9) thereof as renumbered, immediately

after the words “an affiliated insurance company”, there shall be

inserted the words “or an affiliated reinsurance company”.

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

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