Cap. 487 Art. 45Co-operation in supervisory duties and sharing of information.

(1) The competent authority may exercise the following powers at the request of or for the purposes of assisting an overseas regulatory authority -

(a) the power to impose, revoke or vary conditions on the grant of a registration or enrolment pursuant to the provisions of article 13(4);

(b) the power to suspend or strike off the name of a registered person from the Agents Register, Managers Register or Brokers Register or of an enrolled person from the Agents List, Managers List or Brokers List under article 16;

(bb) the power to impose, revoke or vary conditions on the grant of an enrolment pursuant to the provisions of articles 37(8) and 43E(9);

(c) the power to strike off the name of a tied insurance intermediary off the Tied Insurance Intermediaries List enrolled under article 41;

(cc) the power to strike off the name of an ancillary insurance intermediary off the Ancillary Insurance Intermediaries List enrolled under article 43E;

(d) the power to take any action under articles 29, 30, 31 or 31A of the Insurance Business Act, as applicable in accordance with article 54 of this Act;

(e) the power to communicate to the overseas regulatory this article:

(a) where the assistance is requested by the overseas regulatory authority for the purposes of the exercise of one or more of its regulatory functions; or

(b) where so required within the terms of Malta’s international commitments or the obligations arising out of the Insurance Distribution Directive, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder, and in particular, the competent authority shall, notwithstanding the provisions of article 46 of this Act and article 59 of the Insurance Business Act, as applicable, cooperate and exchange information on insurance and reinsurance intermediaries, ancillary insurance intermediaries and insurance and reinsurance undertakings, with overseas regulatory authorities, for the purpose of ensuring the proper application of the Insurance Distribution Directive, pursuant to Article 13 of the said Directive; or

(c) where so required within the terms of undertakings assumed in bilateral or multilateral agreements for the exchange of information and other forms of collaboration with overseas regulatory authorities including a request under a memorandum of understanding concluded with the competent authority.

(3) There shall be meetings held between an authorised undertaking, an insurance intermediary, an approved auditor and the competent authority on a bilateral or a multilateral basis as circumstances may warrant. Such meetings may be called by any of the parties and shall in each case be chaired by the competent authority.

(4) The competent authority shall inform the European Commission of any general difficulties which persons enrolled under this Act encounter in establishing themselves or carrying out insurance distribution activities and reinsurance distribution activities in any third country.