S.L. 403.13 Art. 3Purposes of the Fund.

(1) The purposes of the Fund as established by article 49 of the Act are -

(a) to make payment of any claims in respect of risks situated in Malta and of commitments where Malta is the country of the commitment in the amounts prescribed by these regulations against an insurer, remaining unpaid by reason of the insolvency of such insurer;

(b) to make payment of compensation to victims of road traffic accidents in circumstances prescribed by these regulations.

(2) For the purposes of subregulation (1) -

(a) Part III makes provision with respect to payment of claims in the event of an insolvent insurer; and

(b) Part IV makes provision with respect to compensation to victims of road traffic accidents.

(3) There is hereby prescribed -

(a) in relation to Part III:

(i) in respect of risks situated in Malta, any class of business of insurance specified in Part I of the

*refers to the coming into force of the Protection and Compensation Fund (Amendment) Regulations, 2015 - 1st January, 2016. Third Schedule to the Act as a protected risk, other than the following classes or part classes: 1 where the insured is not an individual, 4, 5, 6, 7, 11, 12, 14 and 15;

(ii) in respect of commitments where Malta is the country of the commitment, any class of business of insurance specified in the Second Schedule to the Act as a protected commitment, other than the following classes: III, V, VI and VIII subject, in each case, to such limitations and restrictions prescribed by that Part;

(b) in relation to Part IV, any civil liability to any person which is required to be covered by a policy of insurance under compulsory insurance legislation as a protected liability, subject to such limitations and restrictions prescribed by that Part.