S.L. 403.16 Art. 3Maintenance of assets by third country insurance and reinsurance undertakings. S.L. 403.24

(1) Subject to sub-regulations (2) to (6), and subject to regulation 5, a third country insurance undertaking and a third country reinsurance undertaking which is authorised under the Act to carry on business of insurance, shall make and maintain a deposit in Malta of assets of an amount equal to at least one half of the absolute floor as prescribed in Article 129(1)(d) of the Solvency II Directive, in respect of the Minimum Capital Requirement, and deposits one fourth of that absolute floor as security; the whole or a specified proportion of such assets shall be deposited with and held in custody for the undertaking’s account by a person in accordance with Parts III and IV of these regulations.

(2) Where -

(a) the third country insurance undertaking and third country reinsurance undertaking carry on business of insurance in Malta and one or more other Member States or EEA States; and

(b) the competent authority and the appropriate European regulatory authorities have agreed that this regulation should apply, the third country insurance undertaking and third country reinsurance undertaking shall make and maintain the deposit with such person and in such Member State or EEA State as may be agreed between the competent authority and the other European regulatory authorities.

(3) For the purposes of sub-regulation (2), an application to make and maintain a deposit, shall be subject to the procedure laid down in regulations 15 and 16 of the Insurance Business (General Provisions of Supervision) Regulations, 2015.

(4) The provisions of this regulation shall not apply to a Swiss general insurer.