S.L. 403.10 Art. 2Interpretation.

In these regulations, unless the context otherwise requires -

"the Act" means the Insurance Business Act;

"competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority

Act; "insurer" means any insurance undertaking authorised under the Act to carry on long term business in Malta; "linked long term contract of insurance" means a contract of insurance falling within the meaning of class III of the Second Schedule to the Act; "long term business contract" means a contract of insurance of a long term business class falling within the Second Schedule to the Act, and which is not a distance contract as defined in the Distance

Selling (Retail Financial Services) Regulations; "party" means any party to a long term business contract of insurance; "term insurance" means a long term business contract of insurance which provides solely for the payment by the insurer of a sum of money or other consideration upon the happening of death within a term which is specified in the contract, and which is not extendible by any of the parties thereto; and the words and expressions which are also used in the Act have the same meanings as in the Act.