Infringements) (Amendment) Regulations, 2015

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

L.N. 411 of 2015

INSURANCE INTERMEDIARIES ACT

(CAP. 487)

Insurance Intermediaries (Penalties for Offences and

Infringements) (Amendment) Regulations, 2015

IN exercise of the powers conferred by articles 3 and 52 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 Citation and

Intermediaries (Penalties for Offences and Infringements) commencement.

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

and construed as one with the Insurance Intermediaries (Penalties for S.L. 487.02

Offences and Infringements) Regulations, hereinafter referred to as

''the principal regulations''.

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

2016.

(Regulation 3)

Administrative penalties which may be imposed by the Authority

without recourse to a court hearing

Second Column

Third Column

Penalty

Daily penalty

not less than €1,000 but not more

not less than €15 but not

than €23,000

more than €35

not less than €23,000 but not more

not less than €25 but not

than €50,000

more than €75

not less than €50,000 but not more

not less than €60 but not

than €150,000

more than €116.

''.

In regulation 2 of the principal regulations, for the Amends

regulation 2 of

definition ''the Authority'' there shall be substituted the following

the principal

regulations.

'' ''the Authority'' means the Malta

Financial Services Authority established by

the Malta Financial Services Authority Act;'';

For the First Schedule and the Second Schedule to the Substitution of

the First

principal regulations, there shall be substituted the following

Schedule and

Second

Schedule to the

''FIRST SCHEDULE

principal

regulations.

(Regulation 3)

Penalties which are enforceable by prosecution in the courts of Malta

First Column

Second Column

Third Column

Level

Fine (multa)

Imprisonment

not less than €230 but not more

than €18,600

not more than three months

not less than €9,300 but not more

not less than one month but

than €93,200

not more than six months

not less than €46,600 but not more

not less than six months

than €466,000

but not more than four

years.

The Third Schedule to the principal regulations shall be

amended as follows

(a)

immediately after the words ''52(1)(b) with

reference to 46(4)'' in the First Column and the corresponding

words in the Second and Third Columns thereof, there shall be

added the following

Second Column

Third Column

Offence

Penalty level

" 52(1)(d) Any person who is knowingly a party to the

3 " ;

carrying out of insurance intermediaries

activities with a fraudulent intent or for a

fraudulent purpose

(b)

in the First Column thereof

(i) for the words "52(1)(e)", there shall be

substituted the words "52(1)(f)";

(ii) for the words "52(1)(f)", there shall be

substituted the words "52(1)(g)"; and

(iii) for the words "52(1)(g)", there shall be

substituted the words "52(1)(h)".

The Fourth Schedule to the principal regulations shall be Amendment of

the Fourth

amended as follows

Schedule to the

principal

regulations.

(a)

in the First Column thereof, for the words

"52(1)(d)", there shall be substituted the words "52(1)(e)";

(b)

in the Second Column thereof

(i) in article 31(1) referred to in the First

Column, for the words "procuring with an unauthorised

company", there shall be substituted the words "procuring

with an unauthorised undertaking";

(ii) in article 33(1) referred to in the First

Column, for the words "in any Tied Insurance

Intermediaries Company Register of a company", there

shall be substituted the words "in any Tied Insurance

Intermediaries Company Register of an undertaking";

(iii) in article 34(1) referred to in the First

Column

(aa) for the words "Failure of authorised

company appointing", there shall be substituted the

words "Failure of authorised undertaking

appointing"; and

(bb) for the words "maintaining the Tied

Insurance Intermediaries Company Register of the

company; or to establish and maintain the Tied

Insurance Intermediaries Company Register of the

company", there shall be substituted the words

"maintaining the Tied Insurance Intermediaries

Company Register of the undertaking; or to

establish and maintain the Tied Insurance

Intermediaries Company Register of the

undertaking";

(iv) for article 36(2) referred to in the First

Column, there shall be substituted the following

"Failure of authorised undertaking to enrol in

the Tied Insurance Intermediaries List a person

registered by the undertaking as a tied insurance

intermediary in the Tied Insurance Intermediaries

Company Register established and maintained by it

under article 37";

(v) in article 36(3) referred to in the First

Column, for the words "Failure of authorised company to

furnish", there shall be substituted the words "Failure of

authorised undertaking to furnish";

(vi) in article 37(4) referred to in the First

Column, for the words "more than one company authorised

to carry on long term business", there shall be substituted

the words "more than one undertaking authorised to carry

on long term business";

(vii) in article 37(5) referred to in the First

Column, for the words "Subagents Company Register of

more than one company authorised to carry on general

business", there shall be substituted the words "of more

than one undertaking authorised to carry on general

business";

(viii) for article 40(1) referred to in the First

Column, there shall be substituted the following

"Failure of authorised undertaking striking

the name of a person off its Tied Insurance

Intermediaries Company Register to notify the

Authority in writing of that striking off or of the

date of effect of that striking off";

(ix) in the first article 40(2) referred to in the First

Column, for the words "Failure of authorised company to

strike the name of a person off the Tied Insurance

Intermediaries Company Register of the company", there

shall be substituted the words "Failure of authorised

undertaking to strike the name of a person off its Tied

Insurance Intermediaries Company Register";

(x) for the second article 40(2) referred to in the

First Column, for the corresponding words in the Second

Column, there shall be substituted the following

"Failure of authorised undertaking to notify

the Authority in writing the reasons for striking off

that name when the undertaking strikes the name of

a person off its Tied Insurance Intermediaries

Company Register on specified grounds";

(xi) for article 40(4)(a), as referred to in the First

Column, there shall be substituted the following

"Failure of authorised undertaking to strike

the name of a person off its Tied Insurance

Intermediaries Company Register if so required by

the Authority";

(xii) in article 40(7) referred to in the First

Column

(aa) for the words "Failure of authorised

company to comply", there shall be substituted the

words "Failure of authorised undertaking to

comply"; and

(bb) for the words "off the Tied Insurance

Intermediaries Company Register of the company";

there shall be substituted the words "off its Tied

Insurance Intermediaries Company Register";

(xiii) in article 40(8) referred to in the First

Column

(aa) for the words "Failure of authorised

company to surrender", there shall be substituted

the words "Failure of authorised undertaking to

surrender"; and

(bb) for the words "struck off the Tied

Insurance Intermediaries Company Register of the

company", there shall be substituted the words,

"struck off its Tied Insurance Intermediaries

Company Register";

(xiv) for article 48(2) referred to in the First

Column, there shall be substituted the following

"Failure of foreign company or third country

insurance undertaking or third country reinsurance

undertaking to add any explanatory particulars to

the company’s name as directed by the Authority";

and

(c)

the words "47(3)" in the First Column, and the

corresponding words in the Second and Third Columns thereof,

shall be deleted.

B

€0.27