Cap. 403 Art. 19Financial year of authorised undertakings.

(1) Every undertaking whose head office is in Malta applying for authorisation under article 7 of this Act to carry on business of insurance in or from Malta shall notify in writing the competent authority of its financial year; and, failing such notice, the undertaking’s financial year shall terminate on the thirty-first day of December of each year.

(2) No undertaking as aforesaid shall alter its financial year unless and until the competent authority has given its approval in writing on an application made to it in that behalf.

(3) Every third country insurance or reinsurance undertaking applying for authorisation under article 7 to carry on business of insurance in or from Malta, shall notify in writing the competent authority of its financial year; and where an authorised undertaking as aforesaid alters its financial year it shall forthwith notify in writing the competent authority of such change.

(4) For the purposes of this Act, financial year -

(a) in relation to an authorised undertaking whose head office is in Malta, means an accounting period as is construed in accordance with articles 164 to 166 of the Companies Act;

(b) in relation to a third country insurance or reinsurance undertaking, means an accounting period as is construed in accordance with the provisions of the laws of the country where the head office of the undertaking is situated governing the accounting period of such undertakings.