Insurance Intermediaries Act (Amendment) Regulations, 2013

L.N. 451 of 2013

INSURANCE INTERMEDIARIES ACT

(CAP. 487)

Insurance Intermediaries Act (Amendment) Regulations, 2013

IN exercise of the powers conferred by sub-article (2) of article

3 of the Insurance Intermediaries Act, the Minister for Finance, after

consultation with the Malta Financial Services Authority, has made

the following regulations:-

(1) The title of these regulations is the Insurance

Intermediaries Act (Amendment) Regulations, 2013, and these

regulations shall be read and construed as one with the Insurance

Intermediaries Act, hereinafter referred to as the "principal Act".

(2) The purpose of these regulations is to amend the Schedule

to the principal Act, to provide for insurance managers to manage the

business of reinsurance special purpose vehicles.

Paragraph 3, referring to the Insurance Intermediaries

Activities of an Insurance Manager, of the Third Column of the

Schedule to the principal Act shall be amended as follows

(a)

in indent (a) thereof, for the words "under the terms

of the appointment; and", there shall be substituted the words

"under the terms of the appointment;";

(b) in indent (b) thereof, for the words "or to be

responsible for maintaining accounts or other records for the

broker;", there shall be substituted the words "or to be

responsible for maintaining accounts or other records for the

broker; and"; and

(c)

immediately after indent (b) thereof, there shall be

added the following new indent

"(c) a reinsurance special purpose

vehicle authorised in accordance with any

regulations that may be made under the

Insurance Business Act, to manage any part of

its business, or to exercise managerial

functions in relation thereto.".

€0.09