S.L. 403.16 Art. 17Saving.

(1) (a) Every insurer (other than for a third country insurance undertaking or third country reinsurance undertaking) that, pursuant to Insurance Business (Companies Assets and Liabilities) Regulations, 2000,* the Insurance Business (Insurers’ Assets and † Liabilities) Regulations, 2004, and, or the Insurance ‡ Business (Assets and Liabilities) Regulations, 2007, was required to maintain in Malta assets of such an amount and of the kind as determined by these regulations, and to whom this requirement no longer

* revoked by the Insurance Business (Insurers’ Assets and Liabilities) Regulations, 2004. † revoked by the Insurance Business (Assets and Liabilities) Regulations, 2007. ‡ revoked by these regulations. applies, may apply in writing to the competent authority for the release of these assets.

(b) Every third country insurance undertaking and third country reinsurance undertaking which carries on business of insurance in Malta and in one or more Member States or EEA States and which maintains deposits in Malta in respect of which an agreement has been entered into between the competent authority and another European regulatory authority or authorities to maintain the assets required under regulation 3(1) in the jurisdiction of the European regulatory authority, the third country insurance undertaking and third country reinsurance undertaking may apply in writing to the competent authority for the release of those deposits, to be deposited in the agreed upon jurisdiction.

(c) Subject to paragraph (d), the competent authority shall determine an application received under paragraphs

(a) and (b) within two months of its receipt.

(d) The competent authority shall, in the case of an application submitted by a European insurance undertaking and European reinsurance undertaking and which at the time of coming into force of these regulations was authorised under the Act to carry on business of insurance, determine such an application only if the undertaking concerned elects to exercise a European right and satisfies the establishment or service conditions specified in the European Passport Rights for Insurance and Reinsurance Undertakings Regulations.

(3) Nothing in these Regulations shall be deemed to affect anything done, or omitted to be done prior to the coming into force of these regulations, including any arrangements entered into with a custodian referred to in the Fifth Schedule to the Insurance Business (Assets and Liabilities) Regulations, 2007, which arrangements shall remain in force.

FIRST SCHEDULE

(Regulation 4) DEPOSITS TO BE MAINTAINED IN MALTA