Insurance Business (General Provisions of Supervision)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,092, 28 ta’ Lulju, 2023 B 1591

L.N. 194 of 2023

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (General Provisions of Supervision)

(Amendment) Regulations, 2023

IN EXERCISE of the powers conferred by article 54 of the

Insurance Business Act, the Minister responsible for the regulation of

financial services, after consulting the Malta Financial Services

Authority, has made the following regulations

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

Business (General Provisions of Supervision) (Amendment) scope.

Regulations, 2023, and these regulations shall be read and construed as

one with the Insurance Business (General Provisions of Supervision) S.L.403.24.

Regulations, 2016, hereinafter referred to as "the principal

regulations".

(2) The scope of these regulations is to transpose Article

10a(13) and 25a(13) of Directive 2009/103/EC of the European

Parliament and of the Council of 16 September 2009 relating to

insurance against civil liability in respect of the use of motor vehicles,

and the enforcement of the obligation to insure against such liability,

as amended by Article 1(8) and 1(18) of Directive (EU) 2021/2118 of

the European Parliament and of the Council of 24 November 2021

amending Directive 2009/103/EC relating to insurance against civil

liability in respect of the use of motor vehicles, and the enforcement of

the obligation to insure against such liability.

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

regulations, for the words "the Solvency II Directive.", there shall be regulation

the principal

substituted the words "the Solvency II Directive and Article 10a(13) regulations.

and 25a(13) of Directive 2009/103/EC of the European Parliament and

of the Council of 16 September 2009 relating to insurance against civil

liability in respect of the use of motor vehicles, and the enforcement of

the obligation to insure against such liability.".

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a) immediately after the definition "authorised

reinsurance undertaking", there shall be added the following new

definitions

""binding legal instruments" means any directly

applicable measures, including, but not limited to, any

implementing technical standards, any regulatory technical

standards or any similar measures, issued under European

Union legislation;

"competent authority" shall have the same meaning

assigned to it in the Act;"; and

(b) immediately after the definition "European

reinsurance undertaking" there shall be added the following new

definition

""the Motor Insurance Directive" - means Directive 2009/

103/EC relating to insurance against civil liability in respect of

the use of motor vehicles, and the enforcement of the obligation

to insure against such liability, as amended from time to time and

includes any delegated acts, any technical standards and any

binding legal instruments, guidelines and any other measures

that have been or may be issued thereunder;".

Immediately after regulation 10 of the principal regulations

there shall be added the following new regulation

(1) Pursuant to

(a) Article 10a(1) and 25a(1) of the Motor

Insurance Directive, wherein a body shall be set up

or authorised and entrusted with the task of

providing compensation in terms of Article 10a and

25a of the Motor Insurance Directive, at least up to

the limits of the insurance obligation, for damage to

property or personal injuries caused by a vehicle

insured by an insurance undertaking, from the

moment when the insurance undertaking is subject

to winding up proceedings as defined in Article

268(1), point (d) of the Solvency II Directive; and

(b) Article 10a(13)(b) and 25a(13)(b) of the

Motor Insurance Directive, whereby an entity shall

be designated and empowered to negotiate and

conclude an agreement to which the body shall

become a party to when it is set up or authorised,

the competent authority is hereby being designated

as the entity empowered to negotiate and conclude an

agreement by 23 December 2023.

(2) The body to be set up for the purposes of

Article 10a(1) and 25a(1) aforesaid shall become a party

to such an agreement once such body is set up or

authorised.".

€0.18