S.L. 403.16 Art. 2Interpretation. Cap. 403. Cap. 290. Cap. 345. Cap. 330. Cap. 330. Cap. 330. Cap. 345.

(1) In these regulations, unless the context otherwise requires -"the Act" means the Insurance Business Act;

"the 1981 Act" means the Insurance Business Act, 1981, repealed by the Act; "authorisation" means an authorisation under article 7 of the Act to carry on business of insurance; "authorised insurance undertaking" means an undertaking, which has received authorisation pursuant to article 7 of the Act to carry on business of direct general business and, or long term business and includes an undertaking authorised to carry on direct and reinsurance business; "authorised reinsurance undertaking" means an undertaking which has received authorisation pursuant to article 7 of the Act to carry on business restricted to reinsurance; "central securities depository" has the same meaning as is assigned to it by article 2(1) of the Financial Markets Act; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority

Act; "custodian of assets" and "custodian" in relation to the assets held or required to be held in custody for an insurer’s account by or under any provision of the Act, shall be construed in accordance with the provisions of regulation 8 and the Second Schedule;

"deposit" means the assets required to be maintained in Malta by an insurer in accordance with regulations 3 or 4;

"deposit back arrangement", in relation to any contract of reinsurance, means an arrangement whereby an amount is deposited by the reinsurer with the cedant;

*see regulation 1(3) of these Regulations, as originally promulgated. "gross premiums", in relation to an insurer and a financial year:

(a) means premiums after deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and before deduction of commission payable; and

(b) includes premiums receivable by an insurer under reinsurance contracts accepted by the insurer, and in each case, reference to premiums relates to premium income attributable to business of insurance carried on by the insurer in Malta; "insurer" means a third country insurance undertaking and a third country reinsurance undertaking authorised under the Act, or the insurance undertaking which at the time of coming into force of these regulations had ceased to carry on business it was licensed to carry on under the 1981 Act or the Act; "Malta Financial Services Authority" means the Authority established by the Malta Financial Services Authority Act; "multilateral system" has the same meaning as is assigned to it in article 2(1) of the Financial Markets Act;

"mathematical provisions" and "mathematical reserves" mean the provision made by an insurer carrying on long term business to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts for long term business; "regulated market" has the same meaning as is assigned to it by article 2(1) of the Financial Markets Act; "required amount" means the amount of assets maintained in accordance with regulations 3 or 4; "Solvency II Directive" means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), as amended from time to time, and includes any delegated acts and any technical standards that have been or may be issued thereunder;

"Swiss general insurer" means an insurer -

(a) whose head office is in Switzerland,

(b) who is authorised by the supervisory authority in Switzerland as mentioned in article 7.1 of the agreement of 10 October 1989 between the European Economic Community and the Swiss Confederation on direct insurance other than life insurance approved on behalf of the European Economic Community by the Council Decision of 20 June 1999 (91/370/EEC), and

(c) who is authorised in Malta to carry on general business; "third country insurance undertaking" means an undertaking, other than a European insurance undertaking, which would require authorisation as an authorised insurance undertaking pursuant to article 7 as if its head office were situated in Malta;

"third country reinsurance undertaking" means an undertaking, other than a European reinsurance undertaking, which would require authorisation as an authorised reinsurance undertaking in accordance with article 7 as if its head office were situated in Malta.

(2) Words and expressions used in these regulations which are also used in the Act but which are not defined herein, shall have the same meaning assigned to them as in the Act.