Cap. 487 Art. 4Powers and duties of the competent authority.

(1) It shall be the duty of the competent authority to carry out the functions assigned to it by or under this Act and to ensure that:

(a) persons, companies, insurance intermediaries or reinsurance intermediaries, registered or enrolled in accordance with this Act and regulations made thereunder, comply with the provisions of this Act and of any regulations made thereunder, with Insurance Distribution Rules and Conduct of Business Rules made and directives issued by the competent authority in virtue of this Act and of any regulations made thereunder, and with the conditions specified in certificates of registration or enrolment; and

(b) authorised insurance undertakings and authorised reinsurance undertakings carrying out insurance distribution activities and reinsurance distribution activities comply with the provisions of this Act and of any regulations made thereunder, with any Insurance Distribution Rules and Conduct of Business Rules made and directives issued by the competent authority in virtue of this Act and of any regulations made thereunder.

(1A) The competent authority shall also carry out the functions and duties as competent authority for the purposes of the Insurance Distribution Directive, and the European Commission shall be informed accordingly.

(1B) The competent authority shall have all the investigatory powers that are necessary for the exercise of its functions.

(2) The competent authority may make Insurance Distribution Rules and Conduct of Business Rules as may be required for carrying into effect any of the provisions of this Act and of any regulations made thereunder. The competent authority may amend or revoke such Insurance Distribution Rules or Conduct of Business Rules and any amendment or revocation thereof shall be officially communicated to the persons concerned.

(3) Insurance Distribution Rules shall be binding on persons registered or enrolled under this Act, on authorised insurance undertakings and authorised reinsurance undertakings and others as may be specified therein. Conduct of Business Rules shall be binding on persons registered or enrolled under this Act, on authorised insurance undertakings and others as may be specified therein. and without prejudice to Insurance Distribution Rules and Conduct of Business Rules required to be made under this Act and to the generality of the foregoing, the competent authority may, by such Insurance Distribution Rules and Conduct of Business Rules, in particular -

(a) determine, in relation to persons registered or enrolled under this Act, what constitutes fitness and properness;

(b) determine, in relation to persons registered or enrolled under this Act, the criteria of sound and prudent management;

(c) determine the information which persons enrolled under this Act shall disclose to persons seeking or making use of intermediary services;

(d) determine the codes of conduct which may regulate any aspect of dealings between persons registered or enrolled under this Act and authorised insurance undertakings or authorised reinsurance undertakings, or between such persons and persons seeking or making use of intermediary services;

(e) determine, in relation to insurance distribution activities, the issuing of advertisements and the undertaking of any other promotional activities.

(4A) The competent authority may make, amend or revoke Insurance Distribution Rules and Conduct of Business Rules, as may be required for the purpose of implementing any guidelines and recommendations issued by EIOPA under Article 16 of Regulation (EU) No. 1094/2010, for the implementation of the Insurance Distribution Directive.

(4B) The competent authority shall monitor the market relating to insurance and reinsurance distribution activities, including the market for ancillary insurance products which are marketed, distributed or sold in, or from, Malta.

agents, insurance managers and insurance brokers, carrying out insurance distribution activities, reinsurance distribution activities or both activities hereinafter referred to as "the intermediary".