Cap. 403 Art. 57The Financial Services Tribunal.

(1) For the purpose of this Act, the term "Financial

Services Tribunal" means the tribunal referred to in article 21 of the

Malta Financial Services Authority Act, and the term "Tribunal"

shall be construed accordingly:

Provided that for the purpose of proceedings arising under this Act the members appointed under article 21(4) of the Malta

Financial Services Authority Act, shall be substituted by persons to be appointed by the Minister under this Act and who, in his opinion, possess the necessary expertise and experience in the business of insurance; and the provisions of article 21(5) to (7) of the said Act shall apply to the persons appointed pursuant to this proviso in the same manner and to the same extent as they apply to the members mentioned in article 21(2) of the said Act.

(2) The Financial Services Tribunal shall, in addition to the functions and powers assigned to it under article 58, have the function and power to decide applications for transfer of long term business filed before it under this Act.

(3) Upon determining an application for transfer of long term business, the Tribunal shall have the power to order the payment of costs and expenses by any party to the application.

(4) The provisions of article 21 of the Malta Financial Services

Authority Act and of any regulations made thereunder shall, except in so far as any of them is incompatible with the provisions of this article or of article 35 or 58, apply to applications for transfer of long term business and appeals made to the Financial Services Tribunal under this Act: Provided that regulations made under the said article 21 may distinguish between procedures made for the purposes of the provisions of this Act and procedures made for the purposes of the provisions of the Malta Financial Services Authority Act.

(5) The Minister may, for the purposes of this article, subject to article 35, make regulations governing the procedure for determining an application for transfer of long term business filed under that article, provided that in the absence of such regulations the Tribunal shall regulate its own procedure.