S.L. 403.25 Art. 8Statementsofgross premium income, criminal offences and administrative penalties.

(1) Every insurer shall, when satisfying its obligations under regulations 17 and 27, furnish the Protection and

Compensation Fund with a statement of the gross premium income of the undertaking liable to the contribution:

(a) in respect of Fund A, for general business, in any one or more of the following classes or part classes as specified in Part I of the Third Schedule of the Act: classes or part classes 1, where the insured is an individual, classes or part classes 2, 3, 8, 9, 10, 13, 16, 17 and 18, under regulation 17(5)(a), and excluding motor vehicle liability insurance business carried out on or after the initiation date;

(b) in respect of Fund A, for long term business, in any one or more of the following classes as specified in the Second Schedule to the Act: classes I, II, IV, VII and IX, under regulation 17(5)(b);

(c) in respect of Fund B, for motor vehicle liability insurance business carried on in Malta on or after the initiation date, under regulation 27(5)(a);

(d) in respect of Fund C, for motor vehicle liability insurance business carried on from Malta on or after the initiation date, under regulation 27(5)(b).

(2) Where an insurer is required under this regulation to provide the Protection and Compensation Fund with a statement in respect of the gross premium income of more than one kind of business mentioned in sub-regulations (1)(a) and (b) the insurer shall provide a separate statement in respect of gross premium income of each kind of business.

(3) Any person who causes or permits to be included in a statement furnished to the Protection and Compensation Fund in accordance with this regulation, any information which he knows to be inaccurate, false or misleading in any material respect, or recklessly furnishes information or makes a statement which is inaccurate, false or misleading in any material respect shall, be guilty of an offence and liable, on conviction, to a fine (multa) of not less than one thousand and two hundred euro (€1,200) but not exceeding two thousand and four hundred euro (€2,400).

(4) Any insurer that infringes or fails to comply with sub-regulations (1) or (2) shall be liable to an administrative penalty not exceeding five thousand euro (€5,000) in respect of each infringement or failure to comply, as the case may be, and where such infringement or failure to comply continues, a further penalty not exceeding one hundred and sixteen euro (€116) for each day during which the infringement or failure to comply continues.

(5) Any administrative penalty imposed by the competent authority under sub-regulation (4) shall be recoverable by the Protection and Compensation Fund in the same manner and to the same extent as an administrative penalty is recoverable by the competent authority under regulations made for the purposes of article 67(6) of the Act and, in any recovery, any reference to the ''competent authority'' made in the said regulations shall be deemed to be a reference to "the Protection and Compensation Fund''.