Insurance) (Amendment) Regulations, 2015

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,509, 10 ta’ Diċembru, 2015

L.N. 391 of 2015

COMPANIES ACT

(CAP. 386)

Companies Act (Cell Companies Carrying on Business of

Insurance) (Amendment) Regulations, 2015

IN exercise of the powers conferred by article 84A of the

Companies Act, the Minister for Finance, acting on the advice of the

Malta Financial Services Authority, has made the following

regulations:-

(1) The title of these regulations is the Companies Act Citation and

(Cell Companies Carrying on Business of Insurance) (Amendment) commencement.

Regulations, 2015, and these regulations shall be read and construed

as one with the Companies Act (Cell Companies Carrying on S.L. 386.10

Business of Insurance) Regulations, hereinafter referred to as ''the

principal regulations''.

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

2016.

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a) in the definition ''business of insurance'', for the

words ''shall include business of affiliated insurance pursuant to

regulation 2 of the Insurance Business (Companies Carrying on

Business of Affiliated Insurance) Regulations,'', there shall be

substituted the words ''shall include business carried on by a

captive insurance undertaking and a captive reinsurance

undertaking as defined in the Insurance Business Act,'';

(b) for the definition ''competent authority'', there shall

be substituted the following

'' ''competent authority'' means the Malta

Financial Services Authority established by

the Malta Financial Services Authority Act;'';

and

(c)

in the definition ''insurance rule'', for the words ''

''insurance rule'' '', there shall be substituted the words ''

''Insurance Rules'' '',

and for the words ''insurance rule'' wherever they appear in the

principal regulations, there shall be substituted the words

''Insurance Rules''.

Regulation 3 of the principal regulations shall be amended

as follows

(a)

in paragraph (b) of sub-regulation (2) thereof

(i) for the words ''from the company:'', there

shall be substituted the words ''from the company.'';

(ii) the proviso immediately following paragraph

(b) thereof shall be deleted; and

(b) immediately after sub-regulation (2) thereof, there

shall be added the following new sub-regulation

''(3) Save as otherwise provided for by

these regulations, the provisions of the Act,

the Insurance Business Act and the Insurance

Intermediaries Act, as the case may be, shall

apply to a cell company

Provided that, in so far as the

provisions of the Act are inconsistent with the

provisions of the Insurance Business Act and

the Insurance Intermediaries Act, as the case

may be, the provisions of the Insurance

Business

Act

and

the

Insurance

Intermediaries Act shall prevail and the

provisions of the Act shall, to the extent of

the inconsistency, not apply to a cell

company.''.

Regulation 5 of the principal regulations shall be amended

as follows

(a) in sub-regulation (1) thereof, for the words ''is a

company authorised in terms of article 7'', there shall be

substituted the words ''is an undertaking authorised in terms of

article 7''; and

(b) in sub-regulation (2) thereof, for the words ''A

company authorised to carry on business of re-insurance or

affiliated insurance'', there shall be substituted the words ''An

authorised reinsurance undertaking, or a captive insurance

undertaking or a captive reinsurance undertaking''.

€0.09