Cap. 403 Art. 10Applicants with head office in Malta.

(1) The competent authority shall not issue an authorisation under article 7 to an undertaking whose head office is in Malta, nor shall the competent authority permit such undertaking to hold the authorisation issued thereunder, unless it is satisfied that the undertaking has fulfilled or complied with the requirements of article 8 and, where appropriate, of article 9.

(2) An undertaking authorised as aforesaid may, with the approval of the competent authority given in writing -

(a) open a branch in Malta;

(b) appoint:

(i) an insurance manager; or

(ii) an insurance agent; or

(iii) both an insurance manager and an insurance agent.

(3) Except with the written consent of the competent authority, no undertaking authorised as aforesaid shall carry on, nor hold itself out as carrying on business of insurance in or from a country outside Malta or open a branch, agency or office or set up or acquire any subsidiary in any country outside Malta.