Undertakings (Amendment) Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,656, 2 ta’ Lulju, 2021 B 2155

L.N. 279 of 2021

INSURANCE BUSINESS ACT

(CAP. 403)

European Passport Rights for Insurance and Reinsurance

Undertakings (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 European Passport Citation, scope

Rights for Insurance and Reinsurance Undertakings (Amendment) and

commencement.

Regulations, 2021 and these regulations shall be read and construed as

one with the European Passport Rights for Insurance and Reinsurance S.L. 403. 14.

Undertakings Regulations, hereinafter referred to as "the principal

regulations".

(2) The scope of these regulations is to transpose Articles 2(3)

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 on the

30th June 2021.

In sub-regulation (2) of regulation 1 of the principal Amends

regulations, for the words "150(1) and (2), 155(1)", there shall be regulation

the principal

substituted the words "150(1) and (2), 152a(2), (3) and (4), 152b, regulations.

155(1)".

Immediately after sub-regulation (9) of regulation 13 of the Adds new Parts

to the principal

principal regulations there shall be added the following new Parts

regulations.

"PART V bis

Notifications and Collaboration Platforms - Maltese

Insurance and Maltese Reinsurance Undertakings

(1) Where the competent authority identifies

Notification to

EIOPA and the

deteriorating financial conditions or other emerging risks

posed by a Maltese insurance undertaking or a Maltese

reinsurance undertaking carrying out activities in exercise

of a European right and which may have a cross-border

effect, the competent authority shall, without prejudice to

any of its powers under these regulations or any other law,

also notify

(a) EIOPA; and

(b) the relevant European regulatory

authority

Provided that the competent authority shall

ensure that such notification shall be sufficiently detailed

to allow for a proper assessment.

(2) Where no bilateral solution can be found

between the competent authority and the relevant

European regulatory authority, the competent authority

may refer the matter to EIOPA and request its assistance.

(1) Without prejudice to any of its powers

under these regulations or any other law and to the right

of the competent authority to set up a collaboration

platform with other relevant European regulatory

authorities where they jointly so agree, the competent

authority may request EIOPA to set up and coordinate a

collaboration platform to strengthen the exchange of

information and to enhance collaboration between the

relevant European regulatory authorities including the

competent authority. The competent authority may

request to set up the said collaboration platform where a

Maltese insurance undertaking or Maltese reinsurance

undertaking carries out activities in exercise of a

European right and where

(a) such activities are of relevance with

respect to another host Member State's market;

(b) a notification by the competent authority

of deteriorating financial conditions or other

emerging risks has been made under regulation

13A(1); or

(c) the matter has been referred to EIOPA

by the competent authority under regulation 13A(2)

or by a relevant European regulatory authority in

terms of Article 152a(2) of the Solvency II

Directive.

(2) Without prejudice to Article 35 of Regulation

(EU) No 1094/2010, at the request of EIOPA, the

competent authority shall provide to EIOPA all the

necessary information in a timely manner to allow for the

proper functioning of the collaboration platform.

PART V ter

Notifications and Collaboration Platforms - European

Insurance and European Reinsurance Undertakings

(1) Without prejudice to any of its powers

Notification to

under these regulations or under any other law, where the

competent authority has serious and reasoned concerns

with regard to consumer protection being posed by a

European insurance undertaking or a European

reinsurance undertaking carrying out activities in Malta in

exercise of a European right, it may notify the European

regulatory authority of such European insurance

undertaking or of such European reinsurance undertaking,

as the case may be

Provided that the competent authority shall

ensure that such notification shall be sufficiently detailed

to allow for a proper assessment.

(2) Where no bilateral solution can be found

between the competent authority and the relevant

European regulatory authority in receipt of the

notification made under sub-regulation (1), the competent

authority may refer the matter to EIOPA and request its

assistance.

(1) Without prejudice to any of its powers

under these regulations or any other law and to the right

of the competent authority to set up a collaboration

platform with other relevant European regulatory

authorities where they jointly so agree, the competent

authority may request EIOPA to set up and coordinate a

collaboration platform to strengthen the exchange of

information and to enhance collaboration between the

relevant European regulatory authorities including the

competent authority. The said collaboration platform may

be set up, where a European insurance undertaking or a

European reinsurance undertaking carries out activities in

exercise of a European right in Malta, and where

(a) such activities are of relevance to the market

in Malta;

(b) a notification by the European regulatory

authority of deteriorating financial conditions or other

emerging risks has been made under Article 152a(2) of

the Solvency II Directive; or

(c) the matter has been referred to EIOPA by the

competent authority under article 13C(2) or by the

relevant European regulatory authority in terms of Article

152a(2) of the Solvency II Directive.

(2) Without prejudice to Article 35 of Regulation

(EU) No 1094/2010, at the request of EIOPA, the

competent authority shall provide to EIOPA all the

necessary information in a timely manner to allow for the

proper functioning of the collaboration platform.".

€0.18