Insurance Business (Fees) (Amendment) Regulations, 2011

L.N. 39 of 2011

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Fees) (Amendment) Regulations, 2011

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 Citation and

Business (Fees) (Amendment) Regulations, 2011, and they shall be commencement.

read and construed as one with the Insurance Business (Fees) S.L. 403.04

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

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

February.

Immediately after the definition "gross premiums Amends

receivable" in sub-regulation (1) of regulation 2 of the principal regulation

the principal

regulations there shall added the following new definitions

regulations.

" "incorporated cell" shall have the

same meaning as is assigned to it in the

Companies

Act

(Incorporated

Cell

Companies Carrying on Business of

Insurance) Regulations;

"incorporated cell company" shall have

the same meaning as is assigned to it in the

Companies

Act

(Incorporated

Cell

Companies Carrying on Business of

Insurance) Regulations;

"non-cellular company" shall have the

same meaning as is assigned to it in the

Companies

Act

(Incorporated

Cell

Companies Carrying on Business of

Insurance) Regulations;".

Immediately after regulation 9 of the principal regulations, Addition of new

regulation to the

there shall be added the following new regulation

principal

regulations.

(1) Where, pursuant to the Companies Act

(Incorporated Cell Companies Carrying on Business of

Insurance) Regulations an application is made by

(a) a company which shall be, when formed

or constituted, authorised or, when transformed,

authorised to carry on business of insurance as an

incorporated cell company or an incorporated cell

in terms of article 7 of the Act; or

(b) an incorporated cell company having no

cells or an incorporated cell which shall be, when

transformed, a non-cellular company authorised to

carry on business of insurance,

the applicant shall pay to the Authority the fees

applicable in terms of regulation 3.

(2) When business of insurance statements are

forwarded under article 32 of the Act by an incorporated

cell company and an incorporated cell, the incorporated

cell company and incorporated cell shall pay to the

Authority the fees determined in regulations 4 and 5, as

applicable.

(3) Where, pursuant to the Companies Act

(Incorporated Cell Companies Carrying on Business of

Insurance) Regulations, an application is made by an

incorporated cell company having no incorporated cells

which shall be, when transformed, authorised as a cell

company, the company shall pay to the Authority the fees

specified in regulation 8.".