S.L. 403.24 Art. 6AProhibition of refusal of reinsurance contracts or retrocession contracts.

Pursuant to Article 32 of the Solvency II Directive, the competent authority shall not refuse -

(a) a reinsurance contract concluded by an authorised insurance undertaking whose head office is in Malta with:

(i) an authorised reinsurance or insurance undertaking whose head office is in Malta; or

(ii) a European reinsurance undertaking or a European insurance undertaking; or

(b) a retrocession contract concluded by an authorised reinsurance undertaking whose head office is in Malta with:

(i) an authorised reinsurance or insurance undertaking whose head office is in Malta; or

(ii) a European reinsurance undertaking or a European insurance undertaking; on grounds directly related to the financial soundness of the said undertakings with which the reinsurance contract or the retrocession contract, as applicable, is concluded.