Cap. 403 Art. 62Continuance of undertakings carrying on business of insurance, or companiesenrolled as insurance manager or insurance broker.

(1) Regulations may be made under this Act providing for -

(a) a body corporate, registered, incorporated or constituted in a country outside Malta, which is similar in nature to a company as known under the laws of Malta and which would, if it were such a company, qualify to be authorised under this Act as an undertaking carrying on business of insurance or a company enrolled to act as an insurance manager or insurance broker under the Insurance Distribution Act, to be continued as authorised under this Act or enrolled under the Insurance Distribution Act; and

(b) an undertaking carrying on business of insurance authorised under this Act or a company enrolled to act as insurance manager or insurance broker under the Insurance Distribution Act to be continued as a body corporate registered, incorporated or constituted under the laws of a country outside Malta, in either case by complying with the regulations; and the Companies Act shall, in respect of such bodies, undertakings or companies, have effect accordingly.

(2) Regulations under this article may provide that continuance as aforesaid may only take place if -

(a) it is within the power of such body, undertaking or company so to continue;

(b) the continuance is, in either case, approved in such manner as may be prescribed, and the regulations may further provide that the continuance of an undertaking or company as stated in paragraph (b) of sub-article (1), as a body corporate under a foreign jurisdiction, shall not take place unless -

(i) such continuance (or similar process, including conversion) is permitted by the law of such foreign jurisdiction and is in accordance with such provisions thereof as may bring about such continuance (or similar process); and

(ii) such continuance (or similar process) will operate the continuation of the corporate existence of the undertaking or company as, or its conversion into, a body corporate which will continue to retain or will succeed to all assets, rights, and liabilities of such undertaking or company.

(3) In this article, reference to the "company" shall include reference to a partnership en commandite or to a similar or equivalent body corporate the capital of which is divided into shares.

(4) The provisions of this article and of any regulations made thereunder shall prevail over anything to the contrary contained in the Companies Act, or regulations made thereunder, with respect to continuance of undertakings or companies.