S.L. 403.16 Art. 4Amount of assets to be maintained in Maltainthecaseof insurer carrying out servicing or run-off of business of insurance.

(1) Without prejudice to sub-regulation (2), in the case of an insurer which at the time of coming into force of these regulations had ceased to carry on the business it was licensed to carry on under the 1981 Act or the Act and the insurer is only servicing or running-off that business, the amount of deposit which the insurer concerned is required to maintain in Malta shall be the amount of deposit which such insurer was required to maintain, pursuant to the 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,‡which amount is being determined in paragraph (2) of the First Schedule to these regulations or such higher amount as determined by the competent authority.

(2) In the case of an insurer which at the time of coming into force of these regulations was required to maintain a deposit in Malta of no less than one-half of the minimum guarantee fund pursuant to the Insurance Business (Insurers’ Assets and Liabilities) Regulations, 2004** and, or the Insurance Business *** (Assets and Liabilities) Regulations, 2007 , and the insurer is only servicing or running-off that business, such insurer shall be required to maintain the same amount of deposit on the coming into force of these regulations.