Cap. 403 Art. 32DVerification of information.

(1) Without prejudice to article 30, the competent authority may carry out in Malta, itself or through a person appointed for that purpose, on-site verification of information as referred to in Article 254 of the Solvency II Directive on the premises of any of the following:

(a) an insurance or reinsurance undertaking which is subject to group supervision;

(b) related undertakings of the undertaking referred to in paragraph (a);

(c) parent undertakings of the undertaking referred to in paragraph (a);

(d) related undertakings of a parent undertaking of the undertaking referred to in paragraph (a).

(2) Where the competent authority requires, in specific cases, to verify information concerning an undertaking, whether regulated or not, which forms part of a group and is situated in another Member State, the competent authority shall:

(a) request the European regulatory authority to enable the competent authority to carry out the on-site verification itself; or

(b) request the European regulatory authority to carry out such verification on its behalf, or to appoint an auditor or an expert to carry out such verification; or

(c) in cases where it does not carry out the on-site verification itself, request to participate in the carrying out of such verification.

(3) Where the competent authority receives, in specific cases, a request by a European regulatory authority to verify the information concerning an undertaking situated in Malta, whether regulated or not, which is part of a group, the competent authority shall act upon that request either by carrying out the on-site verification itself, by allowing an auditor or expert to carry it out, or by allowing the European regulatory authority which made the request to carry it out itself, and such authority may, where it does not carry out such verification itself, participate in the on-site verification.

(4) Where the competent authority has received a request pursuant to sub-article (3), it shall inform the group supervisor of the action taken pursuant to sub-article (3).

(5) Where the request to a European regulatory authority to have a verification carried out in accordance with sub-article (2) has not been acted upon within two weeks, the competent authority may refer the matter to EIOPA and may request its assistance in accordance with Article 19 of Regulation (EU) No 1094/2010.

(6) For the purposes of sub-articles (2) and (3), in accordance with Article 21 of Regulation (EU) No 1094/2010, EIOPA shall be entitled to participate in on-site examinations where they are carried out jointly by the competent authority and any one or more European regulatory authorities.