Cap. 403 Art. 6Restriction on carrying on business of insurance.

(1) No person shall carry on, nor hold itself out as carrying on, in or from Malta business of insurance unless authorised by the competent authority.

(2) Sub-article (1) shall not apply to a European insurance undertaking and a European reinsurance undertaking establishing a branch or providing services in Malta in exercise of a European right.

(3) The Minister, acting on the advice of the competent authority, may make regulations under this article -

(a) declaring certain services and activities ancillary to or connected with business of insurance as not constituting business of insurance for any or all of the purposes of this Act;

(b) prescribing the persons who may carry out such services and activities and the persons to or for whom such services and activities may be rendered;

(c) providing for any matter incidental to or connected with the above, and for the better carrying out of the provisions of this sub-article.

(4) In the event of a doubt as to whether an activity constitutes business of insurance, or whether business of insurance is or is not being carried on in or from Malta, the matter shall be conclusively determined by the competent authority.