Business of Insurance) (Amendment) Regulations, 2015

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

L.N. 392 of 2015

COMPANIES ACT

(CAP. 386)

Insurance Business (Incorporated Cell Companies Carrying on

Business of Insurance) (Amendment) Regulations, 2015

IN exercise of the powers conferred by article 84D 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

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

(Amendment) Regulations, 2015, and these regulations shall be read

and construed as one with the Companies Act (Incorporated Cell S.L. 386.13

Companies Carrying on 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 sub-regulation (1) thereof

(i) 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;'';

(ii) 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;'';

(iii) in the definition ''incorporated cell company'',

for the words ''means a company formed and registered'',

there shall be substituted the words ''means an undertaking

formed and registered''; and

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

apply to companies carrying on business of insurance'', there

shall be substituted the words ''shall apply to undertakings

carrying on business of insurance''.

Regulation 4 of the principal regulations shall be amended

as follows

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

granted in the case of company'', there shall be substituted the

words ''only be granted in the case of an undertaking''; and

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

insurance rules'', there shall be substituted the words ''issue

Insurance Rules''.

Regulation 13 of the principal regulations shall be

amended as follows

(a) the current regulation shall be re-numbered as sub-

regulation (1) thereof;

(b) in sub-regulation (1) thereof, as re-numbered, for the

words ''the provisions of the Act and of the Insurance Business

Act shall apply to an incorporated cell company and to an

incorporated cell as if a reference in the Act and in the Insurance

Business Act:'', there shall be substituted the words ''the

provisions of the Act shall apply to an incorporated cell

company and to an incorporated cell as if a reference in the

Act:'', and

(c)

immediately after sub-regulation (1) thereof, as re-

numbered, there shall be added the following new sub-

regulation

''(2) Save as otherwise provided by

these regulations, the provisions of the

Insurance Business Act shall apply to an

incorporated cell company and to an

incorporated cell as if a reference in the

Insurance Business Act

(a)

to an undertaking were a

reference to an incorporated cell

company or an incorporated cell;

(b) to the directors of an

undertaking were a reference to the

directors of the incorporated cell

company or an incorporated cell;

(c)

to the memorandum or

articles of association of an undertaking

were a reference to the memorandum or

articles of the incorporated cell

company or an incorporated cell;

(d) to the members of an

undertaking were a reference to the

members of the incorporated cell

company or an incorporated cell;

(e)

to shares in an undertaking

were a reference to shares in the

incorporated cell company or an

incorporated cell;

(f)

to assets and liabilities of an

undertaking were a reference to the

assets and liabilities of the incorporated

cell company or an incorporated cell;

and

(g) to the share capital of an

undertaking were a reference to the

share capital of the incorporated cell

company or an incorporated cell.''.

In paragraph (a) of sub-regulation (1) of regulation 25 of Amends

the principal regulations, for the words ''for a company'', there shall regulation

25 of

the principal

be substituted the words ''for an undertaking''.

regulations.

B

€0.18