Cap. 487 Art. 31Contracts of insurance relating to risks situated in Malta or to commitments where Malta is the country of the commitment.

(1) Subject to the following sub-articles, except with the approval of the competent authority given specifically in writing, a contract of insurance relating to a risk situated in Malta or to a commitment where Malta is the country of the commitment negotiated, arranged or procured by an insurance broker on behalf of an insured person or a person to be insured shall be taken out with an authorised undertaking.

(2) The provisions of this article shall not apply to -

(a) business of reinsurance;

(b) large risks as defined in Article 13 of the Solvency II Directive.