Undertakings) (Amendment) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,349, 22 ta’ Novembru, 2024

L.N. 317 of 2024

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business (Reorganisation and Winding up of Insurance

Undertakings) (Amendment) Regulations, 2024

IN EXERCISE of the powers conferred by article 41(6) 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:-

The title of these regulations is the Insurance Business Citation.

(Reorganisation and Winding up of Insurance Undertakings)

(Amendment) Regulations, 2024, and these regulations shall be read

and construed as one with the Insurance Business (Reorganisation and

Winding up of Insurance Undertakings) Regulations, hereinafter S.L. 403.15.

referred to as the "principal regulations".

In the proviso of regulation 11 of the principal regulations Amends

the words "against such assets." shall be substituted by the words regulation

the principal

"against such assets:" and immediately after there shall be added the regulations.

following new proviso

"

Provided further that motor insurance claims in

relation to claims underwritten under class 10 as specified in Part

I of the Third Schedule to the Act, shall rank before any other

insurance claim.".

Regulation 12 of the principal regulations shall be deleted.

Deletes

regulation 12 of

the principal

regulations.