Business of Insurance) (Amendment) Regulations, 2015

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

L.N. 396 of 2015

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Continuance of Companies Carrying on

Business of Insurance) (Amendment) Regulations, 2015

IN exercise of the powers conferred by articles 62 and 64 of the

Insurance Business 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 Citation and

Business (Continuance of Companies Carrying on Business of commencement.

Insurance) (Amendment) Regulations, 2015, and these regulations

shall be read and construed as one with the Insurance Business S.L. 403.12

(Continuance of 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) for the definition ''authorised company'', there shall

be substituted the following

'' ''authorised undertaking'' means an authorised

insurance undertaking or an authorised reinsurance

undertaking carrying on business of insurance under the

Act;'';

(b)

the definition ''the Authority'' shall be deleted;

(c)

immediately after the definition ''company'', there

shall be added the following new definition

'' ''competent authority'' means the Malta

Financial Services Authority established by

the Malta Financial Services Authority Act;'';

(d)

immediately after the definition ''Continuation

Regulations'', there shall be added the following new definition

'' ''enrolled company'' means a company

enrolled in the Managers List or Brokers List

under the Insurance Intermediaries Act;''; and

(e)

in the definition ''instrument of continuation'', for the

words ''certificate confirming that a company has been

registered'', there shall be substituted the words ''certificate

confirming that the company or undertaking has been

registered''.

Regulation 3 of the principal regulations shall be amended

(a)

sub-regulation (1) thereof shall be amended as

(i)

in paragraph (a) thereof

(aa) for the word ''Authority'', and wherever

it appears throughout the principal regulations,

there shall be substituted the words ''competent

authority'';

(bb) for the words ''qualify to be authorised

under the Act, or the Insurance Intermediaries

Act,'', there shall be substituted the words ''qualify

to be authorised under the Act or to be enrolled

under the Insurance Intermediaries Act,''; and

(cc) for the words ''and authorised under the

Act or the Insurance Intermediaries Act,'', there

shall be substituted the words ''and authorised

under the Act or enrolled under the Insurance

Intermediaries Act,'';

(ii) in paragraph (b) thereof, for the words ''an

authorised company, carrying on business of insurance

under this Act or the Insurance Intermediaries Act, may,'',

there shall be substituted the words ''an authorised

undertaking or enrolled company, carrying on business of

insurance authorised under the Act or under the Insurance

Intermediaries Act, as the case may be, may,'';

(b)

sub-regulation (2) thereof shall be amended as

(i) for the words ''within the power of such body

or company carrying on business of insurance, so to

continue'', there shall be substituted the words ''within the

power of such body, authorised undertaking or enrolled

company, carrying on business of insurance, so to

continue'';

(ii) in paragraph (a) thereof, for the words

''desiring to continue as a company carrying on business of

insurance under'', there shall be substituted the words

''desiring to continue as an authorised undertaking or

enrolled company, carrying on business of insurance

under''; and

(iii) paragraph (b) thereof, shall be substituted by

the following

''(b) in the case of an authorised

undertaking or enrolled company desiring to

continue under a foreign jurisdiction, by an

extraordinary resolution of the shareholders of

such undertaking or company.'';

(c) in sub-regulation (3) thereof, for the words ''Where

continuance as aforesaid entitles or requires the body corporate

or company carrying on business of insurance,'', there shall be

substituted the words ''Where continuance as aforesaid entitles

or requires the body corporate, authorised undertaking or

enrolled company, carrying on business of insurance,'';

(d)

sub-regulation (4) thereof shall be amended as

follows

(i) for the words ''as a company carrying on

business of insurance in Malta'', there shall be substituted

the words ''as an authorised undertaking or enrolled

company, carrying on business of insurance in Malta''; and

(ii) for the words ''in order that a company may

be authorised under the Act or the Insurance

Intermediaries Act, as the case may be, as a company

carrying on business of insurance,'', there shall be

substituted the words ''in order that a company may be

authorised under the Act or enrolled under the Insurance

Intermediaries Act, as the case may be, as an authorised

undertaking or enrolled company, carrying on business of

insurance,'';

(e)

sub-regulation (6) thereof shall be amended as

follows

(i) for the words ''its authorisation under the Act,

or the Insurance Intermediaries Act,'', there shall be

substituted the words ''its authorisation under the Act, or its

enrolment under the Insurance Intermediaries Act,''; and

(ii) for the words ''and authorised under the Act

or the Insurance Intermediaries Act,'', there shall be

substituted the words ''and authorised under the Act or

enrolled under the Insurance Intermediaries Act,'';

(f)

sub-regulation (7) thereof shall be amended as

follows

(i) for the words ''The continuance of a company

carrying on business of insurance as a body corporate'',

there shall be substituted the words ''The continuance of an

authorised undertaking or enrolled company, carrying on

business of insurance, as a body corporate'';

(ii)

in paragraph (b) thereof

(aa) for the words ''the corporate existence

of the company carrying on business of insurance

as,'', there shall be substituted the words ''the

corporate existence of the authorised undertaking

or the enrolled company, carrying on business of

insurance as,''; and

(bb) for the words ''rights and liabilities of

such company.'', there shall be substituted the

words ''rights and liabilities of such undertaking or

company.''; and

(g)

in sub-regulation (8) thereof

(i) for the words ''a company carrying on

business of insurance shall not cease to be'', there shall be

substituted the words ''an authorised undertaking or

enrolled company, carrying on business of insurance, shall

not cease to be''; and

(ii) for the words ''struck the name of the

company off the register.'', there shall be substituted the

words ''struck the name of such undertaking or company

off the register.''.

€0.18