Insurance Business (Penalties for Offences and Infringements)

L.N. 61 of 2010

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Penalties for Offences and Infringements)

(Amendment) Regulations, 2010

IN exercise of the powers conferred by articles 64 and 67 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:-

The title of these regulations is the Insurance Business Citation.

(Penalties for Offences and Infringements) (Amendment)

Regulations, 2010, and they shall be read and construed as one with

the Insurance Business (Penalties for Offences and Infringements) S.L. 403.06

Regulations, hereinafter referred to as "the principal regulations".

In the Third Schedule to the principal regulations, the Amends the

words in the First Column "article 67(1) with reference to 38(1)", Third

to the principal

"article 67(1) with reference to 38(4)", "article 67(1) with reference regulations.

to 38(6)" and "article 67(1) with reference to 38(7)" and the

corresponding words in the Second and Third Columns thereof shall

be deleted.

In the Fourth Schedule to the principal regulations, Amends the

immediately after the words "35(7)" in the First Column and the Fourth

to the principal

corresponding words in the Second and Third Columns thereof , there regulations.

shall be inserted the following

First

Second Column

Third

Column

Column

Article

Offence

Penalty

" 38(1)

Failure of person to notify the Authority of a

decision to acquire or increase a qualifying

shareholding in an authorised company; or to

furnish the information required to be furnished

as may be determined by an insurance rule

38(2)

Failure of person to notify the Authority of a

decision to reduce or divest itself of a qualifying

shareholding in an authorised company; or to

furnish the information required to be furnished

as may be determined by an insurance rule

38(4)

Failure of 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

38C(2)

Failure of directors and qualifying shareholders

of an authorised 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 ".