Cap. 403 Art. 43Changes in documentation or information.

(1) The holder of an authorisation issued under this Act to carry on the business of insurance and the holder of a permit issued thereunder to service or run-off that business shall notify in writing the competent authority of any material changes in the documentation or information provided or required to be provided by or under this Act and any regulations, Insurance Rules or Conduct of Business Rules made thereunder, as soon as the holder becomes aware of such changes.

(2) Without prejudice to article 38, an authorised insurance or reinsurance undertaking whose head office is in Malta shall -

(a) before making any addition or alteration to the memorandum or articles of association or other instrument constituting the undertaking, submit in writing to the competent authority particulars of the proposed addition or alteration for its prior consent; and no such addition or alteration shall be made or shall be registered, or shall take effect, whether it is registered or not, unless and until the competent authority has signified its consent in writing; and

(b) at least once a year, inform the competent authority of the names of the persons holding a qualifying shareholding in the undertaking and the percentage of such holding; and the competent authority may, by Insurance Rules made for the purposes of this article, determine the form, manner and content of the information to be forwarded to it and the date by which such information shall be forwarded shall also be established by that rule.

(3) Without prejudice to the foregoing provisions of this article, an authorised insurance or reinsurance undertaking shall notify the competent authority on a continuous basis, with any change or circumstances which may give rise to the existence of close links.