S.L. 403.24 Art. 7Supervision of branches established in another Member State or EEA State.

(1) Where an authorised insurance undertaking or an authorised reinsurance undertaking carries on business of insurance in a Member State or EEA State, other than Malta, through a branch, the competent authority may, after having informed the European regulatory authority concerned, carry out itself or through an intermediary it appoints for that purpose, on-site verification of the information necessary to ensure the financial supervision of that undertaking.

(2) Where the competent authority has informed the European regulatory authority that it intends to carry out an on-site verification in accordance with sub-regulation (1) and where the competent authority is prohibited from exercising its right to carry out that on-site verification, the competent authority may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No.1094/2010.

(3) Information obtained by means of an on-site verification referred to in sub-regulation (1) may be disclosed only with the express consent of the competent authority or the European regulatory authority, as applicable.