Infringements) (Amendment) Regulations, 2010

L.N. 60 of 2010

INSURANCE INTERMEDIARIES ACT

(CAP. 487)

Insurance Intermediaries (Penalties for Offences and

Infringements) (Amendment) Regulations, 2010

IN exercise of the powers conferred by articles 3 and 52 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:-

The title of these regulations is the Insurance Citation.

Intermediaries (Penalties for Offences and Infringements)

(Amendment) Regulations, 2010, and they shall be read and

construed as one with the Insurance Intermediaries (Penalties for S.L. 487.02

Offices and Infringements) Regulations, hereinafter referred to as

"the principal regulations".

In regulation 5 of the principal regulations, for the words Amends

"articles 29, 30, 31A or 38 of the said Act", there shall be substituted regulation

the principal

the words "articles 29, 30 or 31A of the said Act".

regulations.

In the Fourth Schedule to the principal regulations, Amends the

immediately after the words in the First Column "article 44(2)(b)" Fourth

to the principal

and the corresponding words in the Second and Third Columns regulations.

thereof, there shall be inserted the following

First

Second Column

Third

Column

Column

Article

Offence

Penalty

" 44A(1) Failure of person to obtain in writing the

consent of the Authority to acquire, increase,

reduce or divest itself of a qualifying

shareholding in an enrolled company

44A(3) Failure of enrolled company and its directors to

notify the Authority of a person’s intention to

acquire increase, reduce or divest itself of a

qualifying shareholding in the company

44A(5) Failure of directors and qualifying shareholders

of an enrolled company to notify the Authority

where the company intends to merge with

another company, or to undergo reconstruction

or division, or to increase or reduce its nominal

or issued share capital or to effect any material

change in voting rights

44A(6)

Failure of person to furnish the information

required to be furnished as may be determined

by an insurance intermediaries rule made for the

purposes of article 44A ".