Insurance Intermediaries (Fees) (Amendment) Regulations, 2008

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,360, 30 ta’ Diçembru, 2008

L.N. 357 of 2008

INSURANCE INTERMEDIARIES ACT

(CAP. 487)

Insurance Intermediaries (Fees) (Amendment) Regulations, 2008

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

Intermediaries Act, the Minister of Finance, the Economy and

Investment, 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 (Fees)(Amendment) Regulations, 2008, and they shall

be read and construed as one with the Insurance Intermediaries (Fees)

Regulations, 2006, hereinafter referred to as “the principal regulations”. L.N. 256 of 2006.

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

January 2009 and shall apply to fees falling due on or after the said

date.

(3) Nothing in these regulations shall be deemed to affect

the liability in respect of any fees due under the Insurance Intermediaries

(Fees) Regulations, 2006 prior to the coming into force of these

regulations.

Regulation 2 of the principal regulations shall be amended as Amends regulation

2 of the principal

follows>

regulations.

(a) in the definition “branch”, for the words “carries out

business of insurance intermediaries activities”, there shall be

substituted the words “carries out insurance intermediaries

activities”<

(b) immediately after the definition “ “cell” and “cell

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

“ “European insurance intermediary” shall have the same

meaning as is assigned to it in the European Passport Rights

for Insurance Intermediaries Regulations, 2005<”.

L.N. 35 of 2005.

Regulation 3 of the principal regulations shall be amended as

(a)

in sub-regulation (2) thereof>

(i) in paragraph (a) therein, for the words “the sum of

two hundred and thirty-two euro and ninety-four cents

(232.94) per insurer”, there shall be substituted the words “the

sum of three hundred euro (€300) per insurer”<

(ii) in paragraph (b) therein, for the words “the sum of

two hundred and thirty-two euro and ninety-four cents

(232.94) per insurer”, there shall be substituted the words “the

sum of three hundred euro (€300) per insurer”<

(iii) in paragraph (c) therein, for the words “the sum

of one hundred and sixteen euro and forty-seven cents (116.47)

per appointment”, there shall be substituted the words “the

sum of two hundred and fifty euro (€250) per appointment”<

(iv) in paragraph (d) therein, for the words “the sum

of one hundred and sixteen euro and forty-seven cents (116.47)

per appointment” there shall be substituted the words “the

sum of two hundred and fifty euro (€250) per appointment”<

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

(c) sub-regulation (4) shall be renumbered as sub-regulation

(3).

In regulation 6 of the principal regulations, for the words “upon

payment of a fee of two euro and thirty-three cents (2.33) per copy”,

there shall be substituted the words “upon payment of a fee of three

euro (€3.00) per copy”.

Regulation 7 of the principal regulations shall be amended as

(a)

in sub-regulation (1) thereof>

(i) in paragraph (a) therein, for the words “the sum of

four hundred and sixty-five euro and eighty-seven cents

(465.87)”, there shall be substituted the words “the sum of

seven hundred and fifty euro (€750)”<

(ii) in paragraph (b) therein, for the words “the sum of

four hundred and sixty-five euro and eighty-seven cents

(465.87)”, there shall be substituted the words “the sum of

seven hundred and fifty euro (€750)”<

(iii) in paragraph (c) therein, for the words “the sum

of two hundred and thirty-two euro and ninety-four cents

(232.94)”, there shall be substituted the words “the sum of

five hundred euro (€500)”<

(iv) in paragraph (d) therein, “the sum of two hundred

and thirty-two euro and ninety-four cents (232.94)”, there shall

be substituted the words “the sum of five hundred euro

(€500)”<

(b) in sub-regulation (3) thereof, for the words “a

continuance fee of nine hundred and thirty-one euro and seventy-

five cents (931.75) for the creation of a cell company and six

hundred and ninety-eight euro and eighty one cents (698.81) in

respect of each cell created.”, there shall be substituted the words

“a continuance fee of one thousand two hundred and fifty euro

(€1250) for the creation of a cell company and eight hundred and

fifty euro (€850) in respect of each cell created.” .

Regulation 8 of the principal regulations shall be renumbered Renumbers

regulation 8

as regulation 9 thereof.

of the principal

regulations.

Immediately after regulation 7 of the principal regulations, Adds new

regulation 8

there shall be added the following new regulation>-

to the principal

regulations.

There shall be paid to the Authority by any European

insurance intermediary establishing a branch in Malta under

regulation 3 of the European Passport Rights for Insurance

intermediaries.

Intermediaries Regulations, 2005, a supervisory fee of two

hundred and fifty euro (€250). Such fee shall be paid during

the month of January of each year.”.

8. For the Schedule to the principal regulations, there shall be Schedule to the

principal

substituted the following>

regulations.

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

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