Insurance Business Act (Fees) (Amendment) Regulations, 2025

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,564, 26 ta’ Diċembru, 2025

Taqsima B

L.N. 303 of 2025

INSURANCE BUSINESS ACT

(CAP. 403)

Insurance Business Act (Fees) (Amendment) Regulations, 2025

IN EXERCISE of the powers conferred by article 64 of the

Insurance Business Act, the Minister responsible for the regulation of

financial services, on the advice of the Malta Financial Services

Authority, has made the following regulations

The title of these regulations is the Insurance Business Act Citation.

(Fees) (Amendment) Regulations, 2025 and these regulations shall be

read and construed as one with the Insurance Business Act (Fees) S.L. 403.26.

Regulations, hereinafter referred to as the "principal regulations".

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

regulations, immediately after the definition "Act" there shall be added regulation

the principal

the following new definition

regulations.

"business of affiliated insurance" shall have the

same meaning as is assigned to it by regulation 15 of

the Companies Act (Cell Companies Carrying on

Business of Insurance) Regulations;".

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such undertaking

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such undertaking in accordance with this sub-

regulation shall apply.";

(b)

sub-regulation (5) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such undertaking

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such undertaking in accordance with this sub-

regulation shall apply.".

Regulation 4 of the principal regulations shall be amended

as follows

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such undertaking

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such undertaking in accordance with this sub-

regulation shall apply.";

(b)

sub-regulation (2) thereof shall be amended as

follows

(i) the first proviso thereof shall be substituted by

the following new proviso

"Provided that the first annual supervisory fee

shall be prorated according to the period remaining

between the date when an undertaking is granted

authorisation under the Act to act as a captive insurance or

reinsurance undertaking in accordance with the said

regulations and the date when the next annual supervisory

fee is due in accordance with sub-regulation (3).";

(ii) immediately after the amended first proviso the

second proviso thereof shall be deleted;

(c) sub-regulation (3) thereof shall be substituted by the

following new sub-regulation

The first annual supervisory fee due in accordance

with sub-regulation (2) shall be paid to the competent

authority on the date when an undertaking is granted

authorisation under the Act to act as a captive insurance

or reinsurance undertaking in accordance with the

Insurance Business (Captive Insurance Undertaking

and Captive Reinsurance Undertakings) Regulations,

and every annual supervisory fee following the first

annual supervisory fee shall be paid to the competent

authority on the 31st January of each calendar year.";

(d)

sub-regulation (4) thereof shall be deleted.

Regulation 5 of the principal regulations shall be amended Amends

regulation 5 of

as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such company

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such company in accordance with this sub-

regulation shall apply.";

(b)

sub-regulation (2) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such company

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by that company in accordance with this sub-regulation

shall apply.";

(c)

sub-regulation (3) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such cell intends

to carry on both long term business and general business,

only the highest of the minimum application fees due by

such cell in accordance with this sub-regulation shall

apply.";

(d)

sub-regulation (5) thereof shall be amended as

follows

(i) the words "subject to the provisions of sub-

regulation (6)" shall be substituted by the words "subject to

the provisions of sub-regulation (7)";

(ii) the first proviso thereof shall be substituted by

the following new proviso

"Provided further that such annual supervisory

fee shall vary depending on whether such cell carries on

exclusively the business of affiliated insurance.";

(iii) the second proviso thereof shall be deleted;

(e) in sub-regulation (6) thereof the words "with sub-

regulation (7)." shall be substituted by the words "with sub-

regulation (7):" and immediately thereafter there shall be added

the following new proviso

"Provided that were a cell as referred to in

sub-regulation (5) carries on exclusively the business of

affiliated insurance, the first annual supervisory fee due

in accordance with the said sub-regulation shall be

prorated according to the period remaining between the

date when a cell company has been granted approval to

create that cell in accordance with the Companies Act

(Cell Companies Carrying on the Business of

Insurance) Regulations and the date when the next

annual supervisory fee is due in accordance with sub-

regulation (7).";

(f) in sub-regulation (7) thereof the words "established

by law." shall be substituted by the words "established by law:"

and immediately thereafter there shall be added the following

new proviso

"Provided that were a cell as referred to in

sub-regulation (5) carries on exclusively the business of

affiliated insurance, the first annual supervisory fee due

in accordance with sub-regulation (6) shall be paid to

the competent authority on the date when a cell

company has been granted approval to create such cell

in accordance with the Companies Act (Cell Companies

Carrying on the Business of Insurance) Regulations,

and every annual supervisory fee following the first

annual supervisory fee shall be paid to the competent

authority on the 31st January of each calendar year.".

Regulation 6 of the principal regulations shall be amended Amends

regulation 6 of

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such company

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such company in accordance with this sub-

regulation shall apply.";

(b)

sub-regulation (2) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such company

intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such company in accordance with this sub-

regulation shall apply."; and

(c)

sub-regulation (3) thereof shall be amended as

follows

(i) in the proviso thereof the words "and, or the

general business" shall be substituted by the words "or the

general business" and the words "such type of business."

shall be substituted by the words "such type of business:";

(ii) immediately after the proviso thereof there shall

be added the following new proviso

"Provided further that where such incorporated

cell intends to carry on both long term business and general

business, only the highest of the minimum application fees

due by such cell in accordance with this sub-regulation

shall apply.";

(d) in sub-regulation (4) thereof the words "sub-

regulation (6)" shall be substituted by the words "sub-regulation

(7)";

(e) in sub-regulation (5) thereof the words "sub-

regulation (6)" shall be substituted by the words "sub-regulation

(7)".

Regulation 7 of the principal regulations shall be

substituted by the following new regulation

"7. (1) Where an undertaking, a company or a cell as

referred to in regulations 3, 4, 5 or 6 that is authorised to carry

on one (1) or more classes of long term and, or general

business falling under the business of insurance and, or

reinsurance intends to

(a) carry on one (1) or more of the same classes of

long term and, or general business falling under a different

type of business, be it the business of insurance or

reinsurance; and, or

(b) carry on one (1) or more additional classes of

long term and, or general business, be they falling under the

business of insurance and, or 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 percent

(25%)

Provided that in any such case, the minimum

application fees established in the First Schedule shall not

apply.

(2) Where an undertaking, a company or a cell as

referred to in regulations 3, 4, 5 or 6 that is authorised to carry on

one (1) or more classes of long term and, or general business

falling under the business of insurance and, or reinsurance

intends to cease to carry on one (1) or more, but not all, such

classes under the business of insurance or reinsurance or, where

applicable, under both such businesses, 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)."

In the First Schedule to the principal regulations Amends the

immediately before the item "Establishment of a branch", there shall First

to the principal

be added the following new item

regulations.

Approved

(a) individual

(b) audit firm

2,000

4,500

6,000".

The Second Schedule to the principal regulations shall be

amended as follows

(a) immediately after the item "Branch" there shall be

added the following new items

9,000

10,500

12,000

insurance and

reinsurance

undertakings

Cells of cell

6,000

7,500

9,000";

companies

carrying on

exclusively

the business of

affiliated

insurance

(b) the words "Captive insurance and reinsurance

undertakings" shall be deleted.

€0.36