Undertakings in a Group) (Amendment) Regulations, 2017

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,730, 21 ta’ Frar, 2017 B 415

L.N. 63 of 2017

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Supervision of Insurance and Reinsurance

Undertakings in a Group) (Amendment) Regulations, 2017

IN exercise of the powers conferred by articles 32A and 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.

(Supervision of Insurance and Reinsurance Undertakings in a Group)

(Amendment) Regulations, 2017, and these regulations shall be read

and construed as one with the Insurance Business (Supervision of S.L. 403.17

Insurance and Reinsurance Undertakings in a Group) Regulations,

hereinafter referred to as "the principal regulations".

Immediately after sub-regulation (5) of regulation 19 of Amends

the principal regulations, there shall be added the following new sub- regulation

the principal

regulation

regulations.

"(6) Where the European Commission adopts delegated

acts in accordance with Article 227(5) of the Solvency II

Directive, determining the provisional equivalence of the

supervisory regime of a third country, that regime shall be

considered equivalent for the purposes of sub-regulation (2),

and sub-regulations (3) to (5) shall not apply.".

Regulation 30 of the principal regulations shall be Amends

regulation 30 of

amended as follows

the principal

regulations.

(a)

sub-regulations (7) and (8) thereof shall be

substituted by the following

"(7) Where the competent authority is the group

supervisor of a group, in the circumstances referred to in

Article 239 of the Solvency II Directive, when the

European regulatory authority having authorised the

subsidiary undertaking and the competent authority

disagree, any one of them may refer the matter to EIOPA

and request its assistance in accordance with Article 19 of

Regulation (EU) No 1094/2010, regarding either of the

following

(a) on the approval of the recovery plan,

including any extension of the recovery period,

within the four-month period referred to in Article

239 (1) of the Solvency II Directive; or

(b) on the approval of the proposed

measures, within the one-month period referred to

in Article 239 (2) of the Solvency II Directive.

(8)

The matter shall not be referred to EIOPA

(a) after the end of the four-month or the

one-month period respectively referred to in sub-

regulation (7)(a) and (b);

(b) after an agreement has been reached

within the college of supervisors in accordance

with Article 239(1) and (2) of the Solvency II

Directive; and

(c) in the case of emergency situations as

referred to in Article 239(2) of the Solvency II

Directive."; and

(b)

sub-regulations (10) and (11) thereof shall be

€0.09