Undertakings in a Group) (Amendment) Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,656, 2 ta’ Lulju, 2021 B 2153

L.N. 278 of 2021

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Supervision of Insurance and Reinsurance

Undertakings in a Group) (Amendment) Regulations, 2021

IN EXERCISE of the powers conferred by article 64 of the

Insurance Business Act, the Minister responsible for the regulation of

financial services, after consultation with the Malta Financial Services

Authority, has made the following regulations:-

(1) The title of these regulations is the Insurance Citation, scope

Business (Supervision of Insurance and Reinsurance Undertakings in a and

commencement.

Group) (Amendment) Regulations, 2021 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".

(2) The scope of these regulations is to transpose Articles 2(4)

and 2(5) of Directive (EU) 2019/2177 of the European Parliament and

of the Council of 18 December 2019 amending Directive 2009/138/EC

on the taking-up and pursuit of the business of Insurance and

Reinsurance (Solvency II), Directive 2014/65/EU on markets in

financial instruments and Directive (EU) 2015/849 on the prevention

of the use of the financial system for the purposes of money-

laundering or terrorist financing.

(3) These regulations shall be deemed to have come into force

on the 30 th June 2021.

Regulation 23 of the principal regulations shall be amended Amends

regulation 23 of

as follows

the principal

regulations.

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

"competent authority where is the group supervisor" there shall

be substituted the words "competent authority where it is the

group supervisor";

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

inform the other members of the college of supervisors and

forward the complete application to them, without delay." there

shall be substituted the words "it shall inform

(a)

the other members of the college of supervisors;

and

(b)

EIOPA,

of the receipt of application. The competent authority

as group supervisor shall forward the complete application,

including the documentation submitted under sub-

regulation (1) by the undertaking, to the other members of

the college of supervisors and EIOPA without delay. The

competent authority may request EIOPA to provide

technical assistance pursuant to point (b) of Article 8(1) of

Regulation (EU) No 1094/2010, with respect to the

decision on the application.";

(c) in sub-regulation (4) thereof, for the words "If in

accordance with Articles 41(2) and (3) and Articles 44(1) and (3)

of Regulation (EU) No 1094/2010, the decision proposed by the

panel is rejected, the group supervisor shall take a" there shall be

substituted the words "Where EIOPA does not take a decision as

referred to in the second sub-paragraph of Article 231(3) of the

Solvency II Directive, in accordance with Article 19(3) of

Regulation (EU) No 1094/2010, the group supervisor shall take

the"; and

(d) in paragraph (b) of sub-regulation (5) thereof, for the

words "if in accordance with Articles 41(2) and (3) and Articles

44(1) and (3) of Regulation (EU) No 1094/2010, the decision

proposed by the panel is rejected, the competent authority shall

take a" there shall be substituted the words "where EIOPA does

not take a decision, as referred to in the second sub-paragraph of

Article 231(3) of the Solvency II Directive, in accordance with

Article 19(3) of Regulation (EU) No 1094/2010, the competent

authority shall take a".

Sub-regulation (4) of regulation 28 of the principal

regulations shall be substituted by the following new sub-regulation

"(4) Where EIOPA does not take a decision in accordance

with Article 19 of Regulation (EU) No 1094/2010 and where the

competent authority is the group supervisor, the competent

authority shall take the final decision. The decision by the

competent authority acting as group supervisor shall be

recognised as determinative and shall be applied by all the

regulatory authorities concerned.".

€0.09