Insurance Business (Fees) (Amendment) Regulations, 2008

L.N. 358 of 2008

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Fees) (Amendment) Regulations, 2008

IN exercise of the powers conferred by article 64 of the Insurance

Business 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 Business

(Fees) (Amendment) Regulations, 2008, and they shall be read and

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

hereinafter referred to as “the principal regulations”.

(2) These regulations shall come into force 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 Business

(Fees) Regulations, 1999 prior to the coming into force of these

regulations.

Regulation 2 of the principal regulations shall be amended as

follows>

(a)

the definition “Brokers List” shall be deleted< and

(b) the definition “enrolled company” shall be deleted.

Regulation 3 of the principal regulations shall be amended as

follows>

(a) sub-regulation (1) thereof shall be renumbered as

regulation 3< and

(b) sub-regulation (2) thereof shall be deleted.

In paragraph (c) of sub-regulation (2) of regulation 5 of the

principal regulations, for the words “fall below the amount of and

including twenty-three thousand and two hundred and ninety-three euro

and seventy-three cents (€23,293.73)”, there shall be substituted the

words “fall below the amount of and including twenty-five thousand

euro (€25,000)”.

Regulation 6 of the principal regulations shall be amended as

(a) in paragraph (a) thereof, for the words “the sum of two

hundred and thirty-two euro and ninety-four cents (€232.94) as

application for permit fee”, there shall be substituted the words

“the sum of three hundred and seventy five euro (€375) as

application for permit fee”<

(b) in paragraph (b) thereof, for the words “the sum of two

hundred and thirty-two euro and ninety-four cents (€232.94) as

granting of permit fee”, there shall be substituted the words “the

sum of five hundred euro (€500) as granting of permit fee”<

(c) in paragraph (c) thereof, for the words “the sum of four

hundred and sixty-five euro and eighty-seven cents (€465.87) as

continuance of permit fee”, there shall be substituted the words

“the sum of one thousand euro (€1,000) as continuance of permit

fee”.

Regulation 8 of the principal regulations shall be amended as

(a) in sub-regulation (1) thereof>

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

€2,038.20 as submission of application fee”, there shall be

substituted the words “the sum of two thousand and five

hundred euro (€2,500) as submission of application fee”<

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

€2,038.20 as acceptance of application fee”, there shall be

substituted the words “the sum of two thousand and five

hundred euro (€2,500) as acceptance of application fee”<

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

€698.81 as submission of application fee”, there shall be

substituted the words “the sum of one thousand euro (€1,000)

as submission of application fee”<

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

€698.81 as acceptance of application fee”, there shall be

substituted the words “the sum of one thousand euro (€1,000)

as acceptance of application fee”<

(b) for sub-regulation (2) thereof, there shall be substituted

the following>

“(2) When the business of insurance statements are

forwarded by the cell company under article 32 of the Act,

there shall be paid by the said cell company to the Authority

the fee relating to the continuance of authorisation in the

following manner>

(a) if the cell company does not issue insurance

contracts from the non-cellular section of the cell

company, the sum of two thousand and five hundred

euro (€2,500) and, in addition, where such company

carries on business of insurance through its cells, for

each cell>

(i) where the cell carries on business of

insurance, other than business of affiliated

insurance, the fee specified in the Second Column

of Part III of the Schedule<

(ii) where the cell carries on exclusively

business of affiliated insurance, the sum of two

thousand and five hundred euro (€2,500)< and

(b) if the cell company issues insurance contracts

from the non-cellular section of the cell company, the

fee specified in the Second Column of Part III of the

Schedule, and in addition, where such company carries

on business of insurance through its cells, for each cell>

(i) where the cell carries on business of

insurance, other than business of affiliated

insurance, the fee specified in the Second Column

of Part III of the Schedule<

(ii) where the cell carries on exclusively

business of affiliated insurance, the sum of two

thousand and five hundred euro (€2,500).”< and

(c) immediately after sub-regulation (2) thereof,

there shall be added the following new sub-regulation>

“(3) For the purposes of sub-regulation (2)

of this regulation, “business of affiliated insurance”

shall have the same meaning as is assigned to it by

regulation 14 A of the Companies Act (Cell

Companies Carrying on Business of Insurance) L.N. 218 of 2004.

Regulations.”.

For the Schedule to the principal regulations, there shall be Substitutes the

Schedule to the

substituted the following>

principal

regulations.

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