Cap. 487 Art. 55Savings. Cap. 404. Cap. 403. Cap. 249. Cap. 403. Cap. 403.

(1) Every licence issued or other action whatever taken or commenced under the Insurance Business Act, in so far as insurance agents and insurance managers are concerned, or under * the Insurance Brokers and Other Intermediaries Act , shall continue in force and to be valid as if such licence were issued or as if such other action were taken or commenced under this Act.

(2) Any person or company licensed under the Insurance

Business Act to act as an insurance agent or as an insurance manager within the meaning of that Act or licensed under the Insurance Brokers and Other Intermediaries Act* to act as an insurance broker or insurance sub-agent within the meaning of that latter Act shall, not later than the appointed date, conform with the provisions of this Act or otherwise cease to act as an insurance intermediary, and shall until the appointed date or until it conforms with the provisions of this Act, whichever is earlier, continue to be governed by the provisions of the Insurance Business Act or the † Insurance Brokers and Other Intermediaries Act , as the case may be. For the purpose of this sub-article "appointed date" means a day being six months after the date of the coming into force of this Act.

(3) Where a company ceases to act as an insurance agent, insurance manager or insurance broker on the grounds that such company did not, on the appointed date, conform with the provisions of this Act, that company shall be deemed to have made an application to the competent authority under article 26 on the appointed date to cease to carry on insurance intermediaries activities on that date and to have been given permission by the competent authority under that article on the appointed date to cease to carry on such business on that date and to run-off that business as from that date. The competent authority may impose such conditions with regard to the run-off of that business as it may deem proper.

(4) Where a person concerned ceases to act as a registered insurance broker on the grounds that such person did not, on the appointed date, conform with the provisions of this Act -

(a) that person shall be deemed to have made a request to the competent authority under article 16(e) on the appointed date requesting the competent authority to strike his name off the said register on that date;

(b) the competent authority shall be deemed to have struck

*Repealed by this Act. †Repealed by this Act. forthwith surrender to the competent authority the certificate of registration, and any official copies thereof.

(5) Where a person ceases to act as an insurance sub-agent on the grounds that such person did not, on the appointed date, conform with the provisions of this Act -

(a) that person shall be deemed to have made an application to the authorised company, in whose Tied Insurance Intermediaries Company Register of the company his name is registered, under article 39(b), on the appointed date, requesting the company to strike his name off the said register on that date;

(b) the authorised company concerned shall be deemed to have struck the name of that person off the Tied Insurance Intermediaries Register of the company on that date, and, also on that date, notified that person and the competent authority accordingly, under article 40(6);

(c) the competent authority shall be deemed to have struck the name of that person off the Tied Insurance Intermediaries List on that date, and, also on that date, notified the company concerned accordingly, under article 40(3)(a); and the authorised company concerned shall forthwith, following the appointed date, surrender to the competent authority the certificate of enrolment relating to that person and any official copies thereof.

(6) Without prejudice to the provisions of article 12 of the Interpretation Act -

(a) all regulations, insurance directives, insurance intermediaries directives, orders and other instruments which were kept into force by, or made under, the Insurance Business Act, in so far as insurance agents and insurance managers are concerned, and the * Insurance Brokers and Other Intermediaries Act ; and

(b) any agreements and arrangements which were made in virtue of the Insurance Business Act, in so far as insurance agents and insurance managers are concerned, and the Insurance Brokers and Other Intermediaries Act*, or made in virtue of any regulation, insurance directive, insurance intermediaries directive, order and other instrument, shall, if and as in force immediately before the commencement of this article, be deemed to have been made under or in virtue of this Act and shall continue in force and may be amended, altered,

*Repealed by this Act. or to the Insurance Brokers and Other Intermediaries Act*, or to any provision thereof, shall, in so far as applicable, be read and construed as a reference to this Act or to the corresponding provision thereof.

(8) Any reference to an insurance intermediaries directive issued by the competent authority in virtue of article 4(3) of the Insurance Brokers and Other Intermediaries Act* in any licence, notice, decision or other act made or taken by the competent authority before the coming into force of the provisions of this Act, and any reference in any law to an insurance intermediaries directive shall be deemed to be a reference to Insurance Distribution Rules.

(8A) Any reference to Insurance Distribution Rules issued by the competent authority in virtue of article 4(4) of the Insurance Intermediaries Act, in any licence, notice, decision or other act made or taken by the competent authority under the Insurance

Intermediaries Act, and any reference in any law to Insurance Distribution Rules shall be deemed to be a reference to Insurance Distribution Rules.

(9) For the purpose of this article, "licence" includes authority or authorisation, permit, approval, registration, enrolment and appointment, and the word "licensed" shall be construed accordingly. XXVI.2018.58. INSURANCE AND REINSURANCE DISTRIBUTION ACTIVITIES For the purposes of paragraph 1 of the Third Column of this means and includes a risk situated in Malta or a risk situated outside situated outside Malta", in relation to a contract of insurance, has the as is assigned to it by sub-article (1) of article 2 of the Insurance Business

First Column Second Third Column Column Independent Dependent Insurance Distribution Activities and Insurance Insurance Distribution Activities Intermediaries Intermediaries Insurance 1. Professional activities of persons Broker First Column of this Schedule who, complete freedom as to their choice insurers, bring together, with insurance or reinsurance of risks persons seeking insurance or reinsurance insurers or reinsurers, carry out work the conclusion of contracts of reinsurance and, where appropriate, administration and performance of in particular in the event of a claim; Insurance 2. Professional activities of persons Agent Second Column of this Schedule who by an undertaking authorised under Business Act and, or by a European undertaking to be its agent in respect insurance with authority to enter insurance on behalf of the undertaking terms of the appointment; Insurance 3. Professional activities of persons Manager Second Column of this Schedule accepting an appointment from:

(a) an insurer or reinsurer any part of its business, managerial functions therein, responsible for maintaining other records of such insurer and in this context, “management” authority to enter into insurance on behalf of reinsurer under the appointment; Intermediaries

(b) an insurance broker enrolled under this Act, restricted to contracts of insurance relating to risks situated outside of Malta or commitments where Malta is not the country of commitment, to manage any part of its business, or to exercise managerial functions therein, or to be responsible for maintaining accounts or other records for the broker; and

(c) a reinsurance special purpose vehicle authorised in accordance with any regulations that may be made under the Insurance Business Act (Cap. 403), to manage any part of its business, or to exercise managerial functions in relation thereto. Tied Insurance 4. Activities of persons listed in the Second Intermediary Column of this Schedule who, for remuneration, carry out insurance distribution activities for or on behalf of one or more authorised undertakings in the case of insurance products which are not in competition, acting under the full responsibility of those authorised undertakings for the products which concern them respectively and who may collect premiums or amounts intended for the policyholder, provided that no insurance commitments towards or on the part of the public are given as part of these activities. Ancillary 5. Activities of persons listed in the Second Insurance Column of this Schedule who, for remuneration, Intermediary take up or pursue insurance distribution activities on an ancillary basis, acting under the full responsibility of an authorised undertaking for the product which concerns such undertaking, or of an enrolled insurance broker, provided that all the following conditions are met:

(a) the principal professional activity of the natural or legal person is other than insurance distribution activities;

(b) the natural or legal person only carries out insurance distribution activities in relation to certain insurance products that are complementary to a good or service; and Intermediaries Intermediaries

(c) the insurance products concerned cover long-term business of insurance risks, unless that cover complements service which the natural or legal as its principal professional activity: Provided that, no insurance towards or on the part of the public of these activities.