MT
Insurance Business (General Provisions of Supervision)
Statutory Text (5 Articles)
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,717, 25 ta’ Jannar, 2017 B 283
L.N. 35 of 2017
INSURANCE BUSINESS ACT
(CAP. 403)
Insurance Business (General Provisions of Supervision)
(Amendment) Regulations, 2017
IN exercise of the powers conferred by article 64 of the
Insurance Business Act, the Minister for Finance, after consultation
with the Malta Financial Services Authority, has made the following
regulations:-
The title of these regulations is the Insurance Business Citation.
(General Provisions of Supervision) (Amendment) Regulations,
2017, and these regulations shall be read and construed as one with
the Insurance Business (General Provisions of Supervision) S.L. 403.24
Regulations, hereinafter referred to as "the principal regulations".
In sub-regulation (2) of regulation 1 of the principal Amends
regulations, for the words "to implement Articles 28, 29, 30, 31, 33,", regulation
the principal
there shall be substituted the words "to implement Articles 28 to 33,". regulations.
Immediately after regulation 6 of the principal regulations Adds a new
regulation to the
there shall be added the following new regulation
principal
regulations.
" Prohibition of
Pursuant to Article 32 of the Solvency
refusal of
II Directive, the competent authority shall not
reinsurance
refuse -
contracts or
retrocession
(a)
a reinsurance contract concluded
contracts.
by an authorised insurance undertaking
whose head office is in Malta with
(i) an authorised reinsurance
or insurance undertaking whose head
office is in Malta; or
(ii) a European reinsurance
undertaking or a European insurance
undertaking; or
(b) a
retrocession
contract
concluded by an authorised reinsurance
undertaking whose head office is in Malta
with
(i) an authorised reinsurance
or insurance undertaking whose head
office is in Malta; or
B
(ii) a European reinsurance
undertaking or a European insurance
undertaking;
on grounds directly related to the financial
soundness of the said undertakings with which
the reinsurance contract or the retrocession
contract, as applicable, is concluded.".
€0.09