Insurance Business Act (Cap. 403)

Inhalt

1. Art. 1 Short title.
2. Art. 2 Interpretation and scope.
3. PART II
4. Art. 3 Competent authority.
5. Art. 4 Powers and duties of the competent authority.
6. PART III
7. Art. 5 Classification of business of insurance and ancillary risks.
8. Art. 6 Restriction on carrying on business of insurance.
9. Art. 7 Authorisation by competent authority for carrying on business of insurance.
10. Art. 8 Authorisation requirements.
11. Art. 9 Combination of long term business and general business.
12. Art. 10 Applicants with head office in Malta.
13. Art. 11 Applicants with head office outside Malta.
14. Art. 12 General representatives.
15. Art. 13 Insurance agents and managers.
16. Title I: Financial Requirements
17. Art. 14 Own funds of authorised insurance and reinsurance undertakings..
18. Art. 15 Solvency Capital Requirement.
19. Art. 16 Non-Compliance with the Solvency Capital Requirement.
20. Art. 17 Minimum Capital Requirement.
21. Art. 18 Non-Compliance with Minimum Capital Requirement.
22. Art. 18A Recovery plan and finance scheme.
23. Art. 18B Identification and notification procedures.
24. Art. 18C Powers of the competent authority in deteriorating financial conditions.
25. Art. 18D Valuation of assets and liabilities.
26. Art. 18E Technical provisions.
27. Art. 18F Reportonsolvency and financial condition.
28. Art. 18G Custody of assets required to be maintained in Malta.
29. Title II: Governance
30. Art. 18H Responsibility of the Board of Directors.
31. Art. 18I System of governance.
32. PART V
33. Art. 19 Financial year of authorised undertakings.
34. Art. 20 Drawing up and publication of audited financial statement.
35. Art. 21 Appointment, duties and termination of appointment of auditors.
36. Art. 22 Appointment of actuary by an undertaking with long term business.
37. Art. 23 Periodic actuarial investigation of an undertaking with long term business.
38. Art. 24 Obligations of auditors and actuaries to the competent authority.
39. PART VI
40. Art. 25 Automatic revocation of an authorisation.
41. Art. 26 Power of the competent authority to suspend or revoke an authorisation.
42. Art. 27 Notification of suspension or revocation of an authorisation.
43. Art. 28 Power of the competent authority to protect the public interest.
44. PART VII
45. Art. 29 Power of the competent authoritytorequire information.
46. Art. 30 Power of the competent authority to examine the affairs of authorised undertakings and service providers.
47. Art. 31 Right of entry to obtain information and documents.
48. Art. 31A Power to issue directives.
49. Art. 31B Supervisory review process.
50. Art. 31C Power to set a capital add-on.
51. Art. 32 Information to be provided for supervisory purposes.
52. PART VIIA
53. Art. 32A Group supervision.
54. Art. 32B Group supervisor.
55. Art. 32C Co-operation and exchange of information with respect to group supervision.
56. Art. 32D Verification of information.
57. Art. 32E Parent undertakings outside the Union: verification of equivalence.
58. Art. 32F Parent undertaking as a mixed-activity insurance holding
59. PART VIII
60. Art. 33 Transfer of general business.
61. Art. 34 Effect of approval under article 33.
62. Art. 35 Transfer of long term business.
63. Art. 36 Provisions supplementary to article 35.
64. Art. 37 Transfer of business restricted to reinsurance.
65. Art. 37A Transfer of business of insurance to an authorised insurance or reinsurance undertaking.
66. PART IX
67. Art. 38 Changes in shareholding of an authorised undertaking.
68. Art. 38A Assessment procedure.
69. Art. 38B Co-operation with European regulatory authorities or overseasregulatory authorities.
70. Art. 38C Mergers, reconstructions, divisions and changes in share capital or voting rights.
71. Art. 39 Undertakings ceasing to carry on business.
72. Art. 40 Undertakings carrying out servicingorrun-off of business of insurance.
73. Art. 40A Reinsurance undertakings ceasing and carrying out servicingorrun-off of business of insurance.
74. Art. 41 Reorganisation, dissolution and winding up of authorised undertakings.
75. Art. 42 Dissolution and winding up of an authorised undertaking carrying on long term business.
76. PART X
77. Art. 43 Changes in documentation or information.
78. Art. 44 Statutory notice by an authorised undertaking in relation to long term policy.
79. Art. 45 Linked long term policies.
80. Art. 46 Contracts of insurance not voidablebyinsurer notwithstanding a breach of this Act or of the Insurance Distribution Act.
81. Art. 47 Contracts to be expressed in a specified language.
82. Art. 48 Insurance advertisements.
83. Art. 48A Provisions relating to Lloyd’s.
84. Art. 48B Appointment of intermediaries or ancillary insurance intermediaries .
85. Art. 48C Policy conditions and scales of premiums.
86. Art. 48D Application of certain articles of the Insurance Distribution Act to insurance and reinsurance undertakings.
87. PART XI
88. Art. 49 Establishment of the Protection and Compensation Fund.
89. Art. 50 Contributions to the Protection and Compensation Fund.
90. Art. 51 Management of the Protection and Compensation Fund.
91. Art. 52 Prescription in respect of claims for payment out of the Protection and Compensation Fund.
92. Art. 53 Exemptions from income tax.
93. Art. 54 Power to issue regulations under this Part of the Act.
94. PART XII
95. Art. 55 Co-operation in supervisory duties and sharing of information.
96. Art. 55A Co-operation with EIOPA.
97. Art. 55B Co-operation with third countries.
98. Art. 56 Communicationby auditors, etc., with the competent authority.
99. Art. 57 The Financial Services Tribunal.
100. Art. 58 Appeals.
101. Art. 59 Confidentiality.
102. Art. 60 Communication of confidential information.
103. Art. 61 Service of notices, etc.
104. Art. 62 Continuance of undertakings carrying on business of insurance, or companiesenrolled as insurance manager or insurance broker.
105. Art. 63 Valuation regulations.
106. Art. 64 Minister’s power to make regulations.
107. Art. 64A Power to make regulations with respect to exclusive economic zone area or environment protection area. Cap. 625.
108. Art. 65 Exemption under Duty on Documents and Transfers Act.
109. Art. 66 Exclusion of liability.
110. Art. 67 Offences and penalties.
111. Art. 68 Proceedings for an offence under this Act.
112. Art. 69 Savings.