MT
Insurance Business Act (Fees) Regulations, 2024
Table of Provisions (18)
Statutory Text (18 Articles)
Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,366, 24 ta’ Diċembru, 2024
L.N. 368 of 2024
INSURANCE BUSINESS ACT
(CAP. 403)
Insurance Business Act (Fees) Regulations, 2024
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,
commencement
Business Act (Fees) Regulations, 2024.
and
applicability.
(2) These regulations shall come into force on the 1st January
2025. (3) These regulations shall apply to fees falling due on or after
the coming into force of these regulations.
(regulations 3 to 13)
Application Fee
Fees falling due in
Fees falling due in
Fees falling due in
2027 and thereafter
€
€
€
Undertaking whose
Minimum
Minimum
Minimum
head office is in Malta
fee
fee
fee
carrying on the business
of insurance and, or
reinsurance
(a) long term business
1,600
15,000
1,800 per
17,000
2,000 per
20,000
per
class
class
class
(b) general business
1,000
10,000
1,200 per
12,000
1,500 per
15,000
per
class
class
class
Third country insurance
Minimum
Minimum
Minimum
fee
fee
fee
or reinsurance
undertaking carrying on
the business of
insurance and, or
reinsurance
(a) long term business
800 per
8,000
900 per
9,000
1000 per
10,000
class
class
class
(b) general business
500 per
7,000
600 per
8,000
750 per
9,000
class
class
class
Captive insurance or
Minimum
Minimum
Minimum
reinsurance
fee
fee
fee
undertaking
(a) long term business
800 per
8,000
900 per
9,000
1,000 per
10,000
class
class
class
(b) general business
500 per
7,000
600 per
8,000
750 per
9,000
class
class
class
Cell company carrying
Minimum
Minimum
Minimum
on the business of
fee
fee
fee
insurance and, or
reinsurance
(a) formation of or
conversion into a cell
company
(i) long term business
1,600
15,000
1,800 per
17,000
2,000 per
20,000
per
class
class
class
10,000
1,200 per
12,000
1,500 per
15,000
(ii) general business
1,000
per
class
class
class
(b) creation of a cell
(i) long term business
800 per
5,000
900 per
7,500
1,000 per
10,000
class
class
class
(ii) general business
500 per
4,000
700 per
6,500
900 per
9,000
class
class
class
Incorporated cell
Minimum
Minimum
Minimum
fee
fee
fee
company carrying on
the business of
insurance and, or
reinsurance
(a) formation of an
incorporated cell
company
(i) long term business
1,600
15,000
1,800 per
17,000
2,000 per
20,000
per
class
class
class
(ii) general business
1,000
10,000
1,200 per
12,000
1,500 per
15,000
per
class
class
class
(b) creation of an
incorporated cell
(i) long term business
800 per
5,000
900 per
7,500
1,000 per
10,000
class
class
class
(ii) general business
500 per
4,000
700 per
6,500
900 per
9,000
class
class
class
(c) transformation
from or to an
incorporate cell
company
(i) long term business
1,600
15,000
1,800 per
17,000
2,000 per
20,000
per
class
class
class
(ii) general business
1,000
10,000
1,200 per
12,000
1,500 per
15,000
per
class
class
class
Establishment of a
1,400
branch
Reinsurance special
2,500
2,500
2,500
purpose vehicle
Additional risk
2,500
2,500
2,500
per contract
per contract
per contract
Securitisation cell
company
(a) carrying on business
2,500
2,500
2,500
as a reinsurance special
purpose vehicle
(b) creation of a cell
2,500
2,500
2,500
Transfer of general
Minimum fee
Minimum fee
Minimum fee
business
5,000
7,000
10,000
Transfer of general or
7,000
9,000
12,000
long term business by
an insurance or
reinsurance undertaking
whose head office is in a
country outside Malta
(1)
In these regulations, unless the context otherwise Interpretation.
requires
"Act" means the Insurance Business Act;
"cell" shall have the same meaning as assigned to it in the
Companies Act (Cell Companies Carrying on Business of S.L. 386.10.
Insurance) Regulations;
"cell company" shall have the same meaning as assigned to
it in the Companies Act (Cell Companies Carrying on Business S.L. 386.10.
of Insurance) Regulations;
"competent authority" means the Malta Financial Services
Authority established by the Malta Financial Services Authority Cap. 330.
Act;
"European insurance undertaking" shall have the same
meaning as assigned to it in the European Passport Rights for S.L. 403.14.
Insurance and Reinsurance Undertakings Regulations;
"European regulatory authority" shall have the same
meaning as assigned to it in the European Passport Rights for S.L. 403.14.
Insurance and Reinsurance Undertakings Regulations;
"gross premium" means the premiums of an undertaking
after the deduction of discounts, refunds and rebates of
premiums but before the deduction of premiums for reinsurance
ceded and before the deduction of commissions payable by that
undertaking, as noted in the annual quantitative template
submitted to the competent authority for the preceding year;
"incorporated cell" shall have the same meaning as
assigned to it in the Companies Act (Incorporated Cell
Companies Carrying on Business of Insurance) Regulations;
"incorporated cell company" shall have the same meaning
asassigned to it in the Companies Act (Incorporated Cell
Companies Carrying on Business of Insurance) Regulations;
"reinsurance special purpose vehicle" shall have the same
meaning as assigned to it in the Reinsurance Special Purpose
Vehicles Regulations;
"securitisation cell company" shall have the same meaning
as assigned to it in the Securitisation Cell Companies
Regulations.
(2) Words and expressions used in these regulations which are
also used in the Insurance Business Act or the Companies Act, but
which are not herein defined shall have the same meaning as in the
respective Acts, as applicable.
(regulations 3 to 12)
Annual Supervisory Fee
Fees falling due in
Fees falling due in
Fees falling due in
2027 and thereafter
(€)
(€)
(€)
Reinsurance special
8,000
8,000
8,000
purpose vehicle
(a) Securitisation cell
6,000
6,000
6,000
company
(b) Securitisation cell
3,500
3,500
3,500
Approved auditor
(a) individual
(b) audit firm
2,000
4,500
6,000
Branch
1,000
1,400
Undertakings whose head office is
in Malta carrying on the business
of insurance
Third country insurance or
reinsurance undertakings carrying
on the business of insurance
Captive insurance and reinsurance
Fees
Fees
Fees
undertakings
falling due in 2025 falling due in 2026
falling due in 2027
(€)
(€)
and thereafter
Cell companies and cells
(€)
Incorporated cell companies and
cells
Minimum fee
€4,500
€6,000
€7,500
Gross Premium
Up to and including 1 million
€4,500
€6,000
€7,500
Over €1 million up to and
including €2.5 million
€9,000
€10,500
€12,000
Over €2.5 million up to and
including €3.5 million
€10,500
€12,500
€14,500
Over €3.5 million up to and
including €5 million
€12,500
€14,500
€16,500
Over €5 million up to and
including €7.5 million
€17,000
€20,000
€23,000
Over €7.5 million up to and
including €12 million
€22,000
€26,000
€30,000
Over €12 million up to and
including €25 million
€25,000
€30,000
€35,500
Over €25 million up to and
including €35 million
€32,000
€38,000
€44,000
Over €35 million up to and
including €50 million
€35,000
€41,000
€47,000
Over €50 million up to and
including €70 million
€45,000
€50,000
€55,000
Over €70 million up to and
including €100 million
€47,000
€51,500
€59,000
Over €100 million up to and
including €150 million
€52,000
€61,000
€70,000
Over €150 million
€60,500
€71,000
€81,500
Fees falling due in
Fees falling due in
Fees falling due in
European Insurance Undertakings
2027 and thereafter
(€)
(€)
(€)
Minimum fee
€7,000
€8,000
€8,500
Gross Premium
Up to and including €2.5 million
€7,000
€8,000
€8,500
Over €2.5 million up to and
including €3.5 million
€8,000
€9,000
€9,500
Over €3.5 million up to and
including €5
€9,500
€10,500
€11,500
Over €5 million up to and
including €7.5 million
€12,500
€13,500
€14,500
Over €7.5 million up to and
including €12 million
€14,000
€15,000
€16,000
Over €12 million up to and
including €25 million
€18,000
€19,000
€24,000
Over €25 million
€26,000
€27,000
€28,000
€0.99
(1)
An undertaking whose head office is in Malta that
intends to carry on the business of insurance and, or reinsurance in or
from Malta or in or from a country outside Malta shall, upon
submission of an application to the competent authority for
authorisation in accordance with article 7 of the Act, pay to the
competent authority an application fee as established in the First
Schedule, as applicable, with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such undertaking intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(2) An undertaking whose head office is in Malta that has been
authorised under the Act to carry on the business of insurance and, or
reinsurance in or from Malta or, in or from a country outside Malta
shall, subject to the provisions of sub-regulation (4), pay to the
competent authority an annual supervisory fee as established in the
Second Schedule, as applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to an undertaking as referred to in this sub-regulation in
accordance with article 39(3) of the Act, the annual supervisory fee
due by that undertaking in accordance with this sub-regulation
following the date referred to in paragraph (a) of the said article shall
be the minimum annual supervisory fee established in the Second
Schedule, as applicable.
(3) Notwithstanding the provisions of sub-regulation (2), the
first annual supervisory fee due to the competent authority in
accordance with the said sub-regulation shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when an undertaking as referred to
in sub-regulation (2) is granted authorisation under the Act and
the end of the calendar year in which such authorisation was
granted; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with sub-
regulation (4).
(4) The first annual supervisory fee due in accordance with
sub-regulation (3) shall be paid to the competent authority on the date
when an undertaking as referred to in sub-regulation (2) is granted
authorisation under the Act, and every annual supervisory fee
following the first annual supervisory fee which is due in accordance
with sub-regulation (2) shall be paid to the competent authority one
(1) month from the date of submission of the annual quantitative
template as established by law.
(5) A third country insurance or reinsurance undertaking that
intends to carry on the business of insurance and, or reinsurance in or
from Malta shall, upon submission of an application to the competent
authority for authorisation in accordance with article 7 of the Act, pay
to the competent authority an application fee as established in the
First Schedule, as applicable, with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such undertaking intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(6) A third country insurance or reinsurance undertaking that
has been authorised under the Act to carry on the business of
insurance and, or reinsurance in or from Malta shall, subject to the
provisions of sub-regulation (8), pay to the competent authority an
annual supervisory fee as established in the Second Schedule, as
applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to an undertaking as referred to in this sub-regulation in
accordance with article 39(3) of the Act, the annual supervisory fee
due by that undertaking in accordance with this sub-regulation
following the date referred to in paragraph (a) of the said article shall
be the minimum annual supervisory fee established in the Second
Schedule, as applicable.
(7) Notwithstanding the provisions of sub-regulation (6), the
first annual supervisory fee due to the competent authority in
accordance with the said sub-regulation shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when an undertaking as referred to
in sub-regulation (6) is granted authorisation under the Act and
the end of the calendar year in which such authorisation was
granted; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with sub-
regulation (8).
(8) The first annual supervisory fee due in accordance with
sub-regulation (7) shall be paid to the competent authority on the date
when an undertaking as referred to in sub-regulation (6) is granted
authorisation under the Act, and every annual supervisory fee
following the first annual supervisory fee which is due in accordance
with sub-regulation (6) shall be paid to the competent authority one
(1) month from the date of submission of the annual quantitative
template as established by law.
(1)
An undertaking that intends to act as a captive Fees in relation
insurance or reinsurance undertaking in accordance with the to
insurance and
Insurance Business (Captive Insurance Undertaking and Captive reinsurance
undertakings.
Reinsurance Undertakings) Regulations shall, upon submission of an S.L. 403.11.
application to the competent authority for authorisation in accordance
with article 7 of the Act, pay to the competent authority an
application fee as established in the First Schedule, as applicable,
with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such undertaking intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(2) An undertaking that has been authorised under the Act to
act as a captive insurance or reinsurance undertaking in accordance
with the Insurance Business (Captive Insurance Undertaking and S.L. 403.11.
Captive Reinsurance Undertakings) Regulations shall, subject to the
provisions of sub-regulation (4), pay to the competent authority an
annual supervisory fee as established in the Second Schedule, as
applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to an undertaking as referred to in this sub-regulation in
accordance with article 39(3) of the Act, the annual supervisory fee
due by that undertaking in accordance with this sub-regulation
following the date referred to in paragraph (a) of the said article shall
be the minimum annual supervisory fee established in the Second
Schedule, as applicable.
(3) Notwithstanding the provisions of sub-regulation (2), the
first annual supervisory fee due to the competent authority in
accordance with the said sub-regulation shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when an undertaking as referred to
in sub-regulation (2) is granted authorisation under the Act and
the end of the calendar year in which such authorisation was
granted; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with sub-
regulation (4).
(4) The first annual supervisory fee due in accordance with
sub-regulation (3) shall be paid to the competent authority on the date
when an undertaking as referred to in sub-regulation (2) is granted
authorisation under the Act, and every annual supervisory fee
following the first annual supervisory fee which is due in accordance
with sub-regulation (2) shall be paid to the competent authority one
(1) month from the date of submission of the annual quantitative
template as established by law.
(1)
A company that is to be formed or constituted as a
cell company to carry on the business of insurance and, or reinsurance
shall, upon submission of an application to the competent authority
for approval in accordance with regulation 6 of the Companies Act
(Cell Companies Carrying on Business of Insurance) Regulations,
pay to the competent authority an application fee as established in the
First Schedule, as applicable, with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such company intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(2) A company authorised under the Act to carry on the
business of insurance and, or reinsurance that is to be converted into a
cell company shall, upon submission of an application to the
competent authority for approval in accordance with regulation 6 of
the Companies Act (Cell Companies Carrying on Business of
Insurance) Regulations, pay to the competent authority an application
fee as established in the First Schedule, as applicable, with respect to
such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such company intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(3) A cell company approved in accordance with regulation 5
of the Companies Act (Cell Companies Carrying on Business of S.L. 386.10.
Insurance) Regulations that intends to create a new cell shall, upon
submission of an application to the competent authority for approval
in accordance with regulation 6 of the said regulations, pay to the
competent authority an application fee as established in the First
Schedule, as applicable, with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such cell would be carrying
on shall not be less than the minimum application fee established in the
First Schedule, as applicable, with respect to each such type of
business.
(4) A cell company approved in accordance with regulation
5 of the Companies Act (Cell Companies Carrying on Business of S.L. 386.10.
Insurance) Regulations shall, subject to the provisions of sub-
regulation (7), pay to the competent authority an annual supervisory
fee as established in the Second Schedule, as applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to a cell company as referred to in this sub-regulation in
accordance with article 39(3) of the Act, the annual supervisory fee
due by that cell company in accordance with this sub-regulation
following the date referred to in paragraph (a) of the said article shall
be the minimum annual supervisory fee established in the Second
Schedule, as applicable.
(5) Without prejudice to the provisions of sub-regulation (4), a
cell company as referred to in the said sub-regulation that has been
granted approval to create one (1) or more cells in accordance with
the Companies Act (Cell Companies Carrying on Business of S.L. 386.10.
Insurance) Regulations shall, subject to the provisions of sub-
regulation (6), pay to the competent authority an annual supervisory
fee as established in the Second Schedule, as applicable, with respect
to every such cell
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to a cell company as referred to in this sub-regulation with
respect to a cell in accordance with article 39(3) of the Act, the annual
supervisory fee due by that cell company with respect to such cell in
accordance with this sub-regulation following the date referred to in
paragraph (a) of the said article shall be the minimum annual
supervisory fee established in the Second Schedule, as applicable.
(6) Notwithstanding the provisions of sub-regulations (4) and
(5), the first annual supervisory fee due to the competent authority in
accordance with the said sub-regulations shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when a cell company is granted
approval in accordance with the Companies Act (Cell
Companies Carrying on Business of Insurance) Regulations
and the end of the calendar year in which such approval was
granted; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with sub-
regulation (7).
(7) The first annual supervisory fee due in accordance with
sub-regulation (6) shall be paid to the competent authority on the date
when the cell company is granted approval in accordance with the
Companies Act (Cell Companies Carrying on Business of
Insurance) Regulations, and every annual supervisory fee following
the first annual supervisory fee which is due in accordance with sub-
regulations (4) and (5) shall be paid to the competent authority one
(1) month from the date of submission of the annual quantitative
template as established by law.
(1)
A company that is to be formed or constituted as an
incorporated cell company to carry on the business of insurance and,
or reinsurance shall, upon submission of an application to the
competent authority for approval in accordance with regulation 6 of
the Companies Act (Cell Companies Carrying on Business of
Insurance) Regulations, pay to the competent authority an application
fee as established in the First Schedule, as applicable, with respect to
such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such company intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(2) A company that intends to transform in accordance with
any of the provisions of regulation 22(1) of the Companies Act S.L. 386.13.
(Incorporated Cell Companies Carrying on Business of Insurance)
Regulations shall, upon submission of an application to the competent
authority for approval in accordance with regulation 22(4) of the said
Regulations, pay to the competent authority an application fee as
established in the First Schedule, as applicable, with respect to such
application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such company intends to
carry on shall not be less than the minimum application fee established
in the First Schedule, as applicable, with respect to each such type of
business.
(3) An incorporated cell company that has been granted
approval in accordance with the Companies Act (Incorporated Cell S.L. 386.13.
Companies Carrying on Business of Insurance) Regulations that
intends to create a new incorporated cell shall, upon submission of an
application to the competent authority for approval as required in
accordance with the said regulation, pay to the competent authority an
application fee as established in the First Schedule, as applicable,
with respect to such application
Provided that, in any case, the application fee due in
accordance with this sub-regulation with respect to the long term
business and, or the general business which such incorporated cell
would be carrying on shall not be less than the minimum application
fee established in the First Schedule, as applicable, with respect to each
such type of business.
(4) A company that has been granted approval in accordance
with the Companies Act (Incorporated Cell Companies Carrying on S.L. 386.13.
Business of Insurance) Regulations shall, subject to the provisions
of sub-regulation (6), pay to the competent authority an annual
supervisory fee as established in the Second Schedule, as applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to a company as referred to in this sub-regulation in
accordance with article 39(3) of the Act, the annual supervisory fee
due by that company in accordance with this sub-regulation following
the date referred to in paragraph (a) of the said article shall be the
minimum annual supervisory fee established in the Second Schedule,
as applicable.
(5) Without prejudice to sub-regulation (4), an incorporated
cell company as referred to in sub-regulation (3) that has been granted
approval to create one (1) or more incorporated cells in accordance
with the Companies Act (Incorporated Cell Companies Carrying on
Business of Insurance) Regulations shall, subject to the provisions
of sub-regulation (6), pay to the competent authority an annual
supervisory fee as established in the Second Schedule, as applicable,
with respect to every such cell
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable
Provided further that where the competent authority issues
a permit to an incorporated cell company as referred to in this sub-
regulation with respect to an incorporated cell in accordance with
article 39(3) of the Act, the annual supervisory fee due by that
incorporated cell company with respect to such incorporated cell in
accordance with this sub-regulation following the date referred to in
the provisions of paragraph (a) of the said article shall be the
minimum annual supervisory fee established in the Second Schedule,
as applicable.
(6) Notwithstanding the provisions of sub-regulations (4) and
(5), the first annual supervisory fee due to the competent authority in
accordance with the said sub-regulations shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when a company is granted
approval in accordance with the Companies Act (Incorporated
Cell Companies Carrying on Business of Insurance)
Regulations and the end of the calendar year in which such
approval was granted; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with the
provisions of sub-regulation (7).
(7) The first annual supervisory fee due in accordance with
sub-regulation (6) shall be paid to the competent authority on the date
when the company is granted approval in accordance with the
Companies Act (Incorporated Cell Companies Carrying on S.L. 386.13.
Business of Insurance) Regulations, and every annual supervisory
fee following the first annual supervisory fee which is due in
accordance with sub-regulations (4) and (5) shall be paid to the
competent authority one (1) month from the date of submission of the
annual quantitative template as established by law.
(1)
Where an undertaking or a company as referred to Fee in relation
in regulations 3, 4, 5 or 6 that is authorised to carry on one (1) or to
classes of the
more classes of the business of insurance intends to
business of
insurance and,
or reinsurance.
(a)
carry on any one (1) or more additional classes
under the business of insurance;
(b)
carry on the same classes falling under the business
of reinsurance; and, or
(c)
carry on different classes falling under the business
of reinsurance,
it shall, upon submission of an application to the competent authority
to modify its authorisation accordingly, pay to the competent
authority the application fee established in the said regulations, as
applicable, which application fee shall be reduced by twenty-five per
cent (25%)
Provided that, where paragraphs (a) and, or (b) apply, the
minimum application fees established in the First Schedule, as
applicable, with respect to each type of business of insurance, shall not
apply.
(2) Where an undertaking or a company as referred to in
regulations 3, 4, 5 or 6 that is authorised to carry on one (1) or more
classes of the business of reinsurance intends to
(a)
carry on any one (1) or more additional classes
under the business of reinsurance;
(b)
carry on the same classes falling under the business
of insurance; and, or
(c)
carry on the different classes falling under the
business of insurance,
it shall, upon submission of an application to the competent authority
to modify its authorisation accordingly, pay to the competent
authority the application fee established in the said regulations, as
applicable, which application fee shall be reduced by twenty-five per
cent (25%)
Provided that, where paragraphs (a) and, or (b) apply, the
minimum application fees established in the First Schedule, as
applicable, with respect to each type of business of insurance, shall not
apply.
(3) Where an undertaking or a company as referred to in
regulations 3, 4, 5 or 6 that is authorised to carry on one (1) or more
classes of the business of insurance and, or reinsurance, intends to
stop carrying out any one (1) or more, but not all, such classes of the
business of insurance and, or reinsurance, it shall, upon the
submission of a request to the competent authority to modify its
authorisation accordingly, pay to the competent authority a
modification fee of one thousand euro (€1,000).
(1)
A person that intends to act as an approved auditor
in accordance with the Insurance Business (Approved Auditor)
Regulations shall, upon submission of an application to the competent
authority for authorisation in accordance with regulation 5 of the said
regulations, pay to the competent authority an application fee as
established in the First Schedule, as applicable, with respect to such
application.
(2) A person that has been authorised under the Act to act as
an approved auditor in accordance with the Insurance Business
(Approved Auditor) Regulations shall, subject to the provisions of
sub-regulation (3), pay to the competent authority an annual
supervisory fee as established in the Second Schedule, as applicable
Provided that the first annual supervisory fee shall be
prorated according to the period remaining between the date when an
approved auditor is granted authorisation in accordance with the said
regulations and the date when the next annual supervisory fee is due
in accordance with sub-regulation (3).
(3) The first annual supervisory fee due in accordance with
sub-regulation (2) shall be paid to the competent authority on the date
when an approved auditor is granted authorisation in accordance with
the Insurance Business (Approved Auditor) Regulations, and every
annual supervisory fee following the first annual supervisory fee
which is due in accordance with the said sub-regulation shall be paid
to the competent authority on the 31st January of each calendar year.
(1)
An undertaking granted authorisation under article Fees in relation
7 of the Act that intends to establish a branch in Malta in accordance to
establishment of
with article 10(2) of the said Act shall, upon submission of an a branch.
application to the competent authority for approval, pay the
competent authority an application fee as established in the First
Schedule, as applicable, with respect to such application.
(2) An undertaking authorised under the Act that has been
granted approval to establish a branch in Malta in accordance with
article 10(2) of the said Act shall, subject to the provisions of sub-
regulation (3), pay to the competent authority an annual supervisory
fee as established in the Second Schedule, as applicable, with respect
to every branch so established
Provided that the first annual supervisory fee shall be
prorated according to the period remaining between the date when the
undertaking is granted approval in accordance with the Act to
establish a branch in Malta and the date when the next annual
supervisory fee is due in accordance with sub-regulation (3).
(3) The first annual supervisory fee due in accordance with
sub-regulation (2) shall be paid to the competent authority on the date
when the undertaking is granted approval in accordance with the Act
to establish a branch in Malta, and every annual supervisory fee
following the first annual supervisory fee which is due in accordance
with the said sub-regulation shall be paid to the competent authority
on the 31st January of each calendar year.
(1)
An undertaking whose head office is in Malta that Fees in relation
intends to act as a reinsurance special purpose vehicle in or from to
special purpose
Malta in accordance with the Reinsurance Special Purpose Vehicles vehicles.
Regulations shall, upon submission of an application to the competent
authority for authorisation in accordance with regulation 8 of the said
Regulations, pay to the competent authority an application fee as
established in the First Schedule, as applicable, with respect to such
application.
(2) Where an undertaking authorised to act as a reinsurance
special purpose vehicle in accordance with the Reinsurance Special S.L. 403.19.
Purpose Vehicles Regulations intends to assume additional risk it
shall, upon submission of an application to the competent authority
for approval in accordance with the provisions of regulation 8(2) of
the said Regulations, pay to the competent authority an application
fee as established in the First Schedule, as applicable, with respect to
such application.
(3) An undertaking authorised to act as a reinsurance special
purpose vehicle in accordance with the Reinsurance Special S.L. 403.19.
Purpose Vehicles Regulations shall, subject to the provisions of sub-
regulation (4), pay to the competent authority an annual supervisory
fee as established in the Second Schedule, as applicable
Provided that the first annual supervisory fee shall be
prorated according to the period remaining between the date when the
undertaking is granted authorisation in accordance with the
Reinsurance Special Purpose Vehicles Regulations and the date
when the next annual supervisory fee is due in accordance with sub-
regulation (4).
(4) The first annual supervisory fee due in accordance with
sub-regulation (3) shall be paid to the competent authority on the date
when the undertaking is granted authorisation in accordance with the
Re-Insurance Special Purpose Vehicles Regulations, and every
annual supervisory fee following the first annual supervisory fee
which is due in accordance with the said sub-regulation shall be paid
to the competent authority on the 31st January of each calendar year.
(1)
A securitisation cell company that intends to carry
on business as a reinsurance special purpose vehicle in or from Malta
in accordance with the Securitisation Cell Companies Regulations
shall, upon submission of an application to the competent authority
for authorisation, pay to the competent authority an application fee as
established in the First Schedule, as applicable, with respect to such
application.
(2) Where a securitisation cell company authorised to carry on
business as a reinsurance special purpose vehicle in accordance with
the Reinsurance Special Purpose Vehicles Regulations intends to
create a cell it shall, upon submission of an application to the
competent authority for approval in accordance with regulation 33 of
the Securitisation Cell Companies Regulations, pay to the competent
authority an application fee as established in the First Schedule, as
applicable, with respect to such application.
(3) A securitisation cell company that has been authorised to
carry on business as a reinsurance special purpose vehicle in
accordance with the Reinsurance Special Purpose Vehicles
Regulations shall, subject to the provisions of sub-regulation (6), pay
to the competent authority an annual supervisory fee as established in
the Second Schedule, as applicable.
(4) Without prejudice to the provisions of sub-regulation (3), a
securitisation cell company as referred in the said sub-regulation that
has created one (1) or more cells in accordance with the
Securitisation Cell Companies Regulations shall, subject to the
provisions of sub-regulation (6), pay to the competent authority an
annual supervisory fee as established in the Second Schedule, as
applicable, with respect to every such cell.
(5) Notwithstanding the provisions of sub-regulations (3) and
(4), the first annual supervisory fee due to the competent authority in
accordance with the said sub-regulations shall be prorated according
to the period remaining between the date when the securitisation cell
company is granted authorisation in accordance with the Reinsurance S.L. 403.1.9
Special Purpose Vehicles Regulations or approval in accordance
with the Securitisation Cell Companies Regulations, as applicable, S.L. 386.16.
and the date when the next annual supervisory fee is due in
accordance with the provisions of sub-regulation (6).
(6) The first annual supervisory fee due in accordance with
sub-regulation (5) shall be paid to the competent authority on the date
when the securitisation cell company is granted authorisation in
accordance with the Reinsurance Special Purpose Vehicles S.L. 403.19.
Regulations or approval in accordance with the Securitisation Cell S.L. 386.16.
Companies Regulations, as applicable, and every annual supervisory
fee following the first annual supervisory fee which is due in
accordance with sub-regulations (3) and (4) shall be paid to the
competent authority on the 31st January of each calendar year.
(1)
A European insurance undertaking that intends to Fees due by
establish a branch in Malta in accordance with regulation 3 of the European
insurance
European Passport Rights for Insurance and Reinsurance undertakings.
Undertakings Regulations shall, upon being notified by the European
regulatory authority of its home Member State in accordance with
Article 146(1) of the Solvency II Directive as transposed in national
law, pay the competent authority a notification fee of one thousand
euro (€1,000).
(2) A European insurance undertaking that has established a
branch in Malta in accordance with regulation 3 of the European S.L. 403.14.
Passport Rights for Insurance and Reinsurance Undertakings
Regulations shall, subject to the provisions of sub-regulation (4), pay
to the competent authority an annual supervisory fee as established in
the Second Schedule, as applicable
Provided that, in any case, the annual supervisory fee shall
not be less than the minimum annual supervisory fee established in
the Second Schedule, as applicable.
(3) Notwithstanding the provisions of sub-regulation (2), the
first annual supervisory fee due to the competent authority in
accordance with the said sub-regulation shall be the aggregate of the
following
(a)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
remaining between the date when the branch of such European
insurance undertaking is established in Malta and may
commence business in accordance with the regulation 3(4) of
the European Passport Rights for Insurance and Reinsurance
Undertakings Regulations, and the end of the calendar year in
which such branch was established; and
(b)
the minimum fee established in the Second
Schedule, as applicable, prorated according to the period
between the start of the following calendar year and the date
when the next supervisory fee is due in accordance with sub-
regulation (4).
(4) The first annual supervisory fee due in accordance with
sub-regulation (3) shall be paid to the competent authority on the date
when the branch of the European insurance undertaking is established
in Malta and may commence business in accordance with regulation
3(4) of the European Passport Rights for Insurance and Reinsurance
Undertakings Regulations, and every annual supervisory fee
following the first annual supervisory fee which is due in accordance
with sub-regulation (2) shall be paid to the competent authority on the
30th June of each calendar year.
(1)
An authorised insurance undertaking that intends to
transfer its general business in accordance with article 33 of the Act
shall, upon submission of an application to the competent authority
for approval in accordance with the said article, pay to the competent
authority an application fee of zero point zero two per cent (0.02%) of
its gross premium or technical provisions for the last financial year,
whichever is the highest
Provided that, in any case, the application fee shall not be
less than the minimum application fee established in the First
Schedule, as applicable.
(2) An insurance or reinsurance undertaking whose head
office is in a country outside Malta that intends to transfer, in whole
or in part, its general business or long term business to an undertaking
authorised under the Act in accordance with article 37A of the Act
shall, upon submission of a notification to the competent authority in
accordance with the said article, pay to the competent authority an
application fee as established in the First Schedule, as applicable.
(1)
The fees established and due in terms of these
regulations shall not be refundable.
(2) Without prejudice to the provisions of regulations 3(3) and
(7), 4(3), 5(6), 6(6), 8(2), 9(2), 10(3) and 11(5), the fees established
and due in terms of these regulations shall not be prorated.
(1)
The Insurance Business (Fees) Regulations are Repeal and
hereby repealed without prejudice to anything done or omitted to saving.
be done thereunder.
(2) These regulations shall not be deemed to affect the liability
in respect of any fees due under the Insurance Business (Fees)
Regulations, prior to the coming into force of these regulations.