MT
INSURANCE BUSINESS ACT (FEES) REGULATIONS
Table of Provisions (17)
Statutory Text (17 Articles)
SUBSIDIARY LEGISLATION 403.26
INSURANCE BUSINESS ACT (FEES) REGULATIONS
1st January, 2025
LEGAL NOTICE 368 of 2024, as amended by Legal Notice 303 of
2025.
(1)
The title of these regulations is the Insurance
Business Act (Fees) Regulations.
(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)
L.N. 303 of 2025.
Application Fee
Fees falling due in
Fees falling due in
€
€
Undertaking whose
Minimum
Minimum
head office is in Malta
fee
fee
carrying on the business
of insurance and, or
reinsurance
(a) long term business
1,600
15,000
1,800 per
17,000
per
class
class
(b) general business
1,000
10,000
1,200 per
12,000
per
class
class
Third country insurance
Minimum
Minimum
or reinsurance
fee
fee
undertaking carrying on
the business of
insurance and, or
reinsurance
(a) long term business
800 per
8,000
900 per
9,000
class
class
(b) general business
500 per
7,000
600 per
8,000
class
class
Captive insurance or
Minimum
Minimum
reinsurance
fee
fee
undertaking
(a) long term business
800 per
8,000
900 per
9,000
class
class
(b) general business
500 per
7,000
600 per
8,000
class
class
Cell company carrying
Minimum
Minimum
on the business of
fee
fee
insurance and, or
reinsurance
INSURANCE BUSINESS ACT (FEES)
(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
(ii) general business
1,000
10,000
1,200 per
12,000
1,500 per
15,000
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
company carrying on
fee
fee
fee
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
Approved auditor
(a) individual
6,000
(b) audit firm
2,000
4,500
INSURANCE BUSINESS ACT (FEES)
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
Amended by:
(1)
In these regulations, unless the context
otherwise requires
"Act" means the Insurance Business Act;
"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;
"cell" shall have the same meaning as assigned to it in
the Companies Act (Cell Companies Carrying on Business of
Insurance) Regulations;
"cell company" shall have the same meaning as assigned
to it in the Companies Act (Cell Companies Carrying on
Business of Insurance) Regulations;
"competent authority" means the Malta Financial
Services Authority established by the Malta Financial Services
Authority Act;
"European insurance undertaking" shall have the same
meaning as assigned to it in the European Passport Rights for
Insurance and Reinsurance Undertakings Regulations;
"European regulatory authority" shall have the same
meaning as assigned to it in the European Passport Rights for
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.
L.N. 303 of 2025.
(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
Captive insurance and
9,000
10,500
12,000
reinsurance
undertakings
INSURANCE BUSINESS ACT (FEES)
Cells of cell companies
6,000
7,500
9,000
carrying on exclusively
the business of affiliated
insurance
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
Cell companies and cells
Fees
Fees
Fees
falling due in 2025 falling due in 2026
falling due in 2027
(€)
(€)
and thereafter
(€)
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
INSURANCE BUSINESS ACT (FEES)
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
(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 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
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.
(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 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
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.
(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
insurance or reinsurance undertaking in accordance with the
Insurance Business (Captive Insurance Undertaking and Captive
Reinsurance Undertakings) Regulations 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 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
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.
(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
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 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).
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) 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.
(4)
Repealed by Legal Notice 303 of 2025.
(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 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
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.
(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 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
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.
(3) A cell company approved in accordance with regulation
5 of the Companies Act (Cell Companies Carrying on Business of
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 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
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.
(4) A cell company approved in accordance with
regulation 5 of the Companies Act (Cell Companies Carrying on
Business of 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
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, with respect
INSURANCE BUSINESS ACT (FEES)
to every such cell
Provided further that such annual supervisory fee shall
vary depending on whether such cell carries on exclusively the
business of affiliated insurance.
(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)
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).
(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
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.
(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 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
(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
businessor 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
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.
(3) An incorporated cell company that has been granted
approval in accordance with the Companies Act (Incorporated Cell
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 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
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.
(4) A company that has been granted approval in
accordance with the Companies Act (Incorporated Cell Companies
Carrying on Business of 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 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 (7), 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
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, 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).
(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 7 of the Act that intends to establish a branch in Malta in
accordance with article 10(2) of the said Act shall, upon submission
of an 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 intends to act as a reinsurance special purpose vehicle in or from
Malta in accordance with the Reinsurance Special Purpose 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
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
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 Special Purpose Vehicles Regulations or
approval in accordance with the Securitisation Cell Companies
Regulations, as applicable, 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
Regulations or approval in accordance with the Securitisation Cell
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 establish a branch in Malta in accordance with regulation 3 of the
European Passport Rights for Insurance and Reinsurance
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
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.
Amended by: