Cap. 403 Art. 51Management of the Protection and Compensation Fund.

(1) The Protection and Compensation Fund shall be managed and otherwise dealt with in accordance with regulations made for the purposes of this Act:

Provided that such regulations shall ensure that:

(a) payments made into the Protection and Compensation Fund by undertakings to carry on long term business in Malta shall be utilised for compensation with respect to long term business, and shall be treated separately and utilised exclusively for compensation of claims relating to long term business;

(b) payments made into the Protection and Compensation Fund by undertakings to carry on general business in Malta shall be treated separately, and shall be utilised exclusively for compensation of claims relating to general business: Provided that payments made into the Protection and Compensation Fund by undertakings carrying on motor vehicle liability insurance business in Malta, on or after the initiation date as defined herein, shall be treated separately from general business, and shall be utilised exclusively for compensation of claims relating to such motor vehicle liability insurance business carried on in Malta, on or after such date; and

(c) payments made into the Protection and Compensation Fund by undertakings carrying on motor vehicle liability insurance business from Malta shall also be treated separately and shall be utilised exclusively for compensation of claims relating motor vehicle liability insurance business carried on from Malta.

(2) For the purposes of this article, "initiation date" means:

(a) the date of the entry into force of the agreement referred to in the first sub-paragraph of Article 10a(13) and the first sub-paragraph of Article 25a(13) of Directive 2009/ 103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles and the enforcement of the obligation to insure against such liability, as amended from time to time; or

(b) the date of application of the Commission delegated act referred to in the fourth sub-paragraph of Article 10a(13) and the fourth sub-paragraph of Article 25a(13) of the said Directive mentioned in paragraph (a), whichever is the earlier.