S.L. 403.25 Art. 23When payment shall not be made.

(1) In no case shall any payment be made under this

Part:

(a) where the claim is in respect of unearned premiums;

(b) where the claim is by or in respect of a person who holds directly or indirectly twenty (20%) or per centum more of the issued shares of such insolvent insurer; and, or

(c) for claims in relation to motor vehicle insurance liability business carried on by an insurer in Malta on or after the initiation date.

(2) Where the Management Committee is of the opinion that an applicant is not entitled to compensation in whole or in part, the Management Committee shall give notice in writing of such opinion to such applicant and the reasons therefor.