Insurance Business (Exemptions) (Amendment) Regulations, 2022

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 20,967, 29 ta’ Novembru, 202 2

L.N. 313 of 2022

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Exemptions) (Amendment) Regulations, 2022

IN EXERCISE of the powers conferred by article 64 of the

Insurance Business Act, the Minister responsible for the regulation of

financial services, acting on the advice of the Malta Financial Services

Authority, has made the following regulations: -

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

Business (Exemptions) (Amendment) Regulations, 2022 and these scope.

regulations shall be read and construed as one with the Insurance S.L. 403.22.

Business (Exemptions) Regulations, hereinafter referred to as "the

principal regulations".

(2) The scope of these regulations is to implement paragraph

(a) of the "Notice regarding the adaptation in line with inflation of the

amounts laid down in the Directive 2009/138/EC of the European

Parliament and of the Council on the taking-up and pursuit of the

business of Insurance and Reinsurance (Solvency II)" published by the

European Commission on the Official Journal of the European Union

pursuant to Article 300 of the Solvency II Directive.

Sub-regulation (1) of regulation 3 of the principal Amends

regulation 3 of

regulations shall be amended as follows

the principal

regulations.

(a) in paragraph (a) thereof, for the words "does not

exceed €5,000,000;", there shall be substituted the words "does

not exceed €5,400,000;";

(b) in paragraph (b) thereof, for the words "does not

exceed €25,000,000;", there shall be substituted the words "does

not exceed €26,600,000;";

(c) in paragraph (c) thereof, for the words "does not

exceed €25,000,000;", there shall be substituted the words "does

not exceed €26,600,000;"; and

(d) in paragraph (e)(i) thereof, for the words "exceeding

€500,000 of its gross written premium or exceeding €2,500,000

of its technical provisions", there shall be substituted the words

"exceeding €600,000 of its gross written premium or exceeding

€2,700,000 of its technical provisions".

€0.09