S.L. 403.26 Art. 10Fees in relation to reinsurance special purpose vehicles. S.L. 403.19.   S.L. 403.19.   S.L. 403.19.     S.L. 403.19.      S.L. 403.19.

(1) An undertaking whose head office is in Malta that intends to act as a reinsurance special purpose vehicle in or from

Malta in accordance with the Reinsurance Special Purpose Vehicles

Regulations shall, upon submission of an application to the competent authority for authorisation in accordance with regulation 8 of the said Regulations, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.

(2) Where an undertaking authorised to act as a reinsurance special purpose vehicle in accordance with the Reinsurance Special

Purpose Vehicles Regulations intends to assume additional risk it shall, upon submission of an application to the competent authority for approval in accordance with the provisions of regulation 8(2) of the said Regulations, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.

(3) An undertaking authorised to act as a reinsurance special purpose vehicle in accordance with the Reinsurance Special

Purpose Vehicles Regulations shall, subject to the provisions of sub-regulation (4), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable: Provided that the first annual supervisory fee shall be prorated according to the period remaining between the date when the undertaking is granted authorisation in accordance with the

Reinsurance Special Purpose Vehicles Regulations and the date when the next annual supervisory fee is due in accordance with sub-regulation (4).

(4) The first annual supervisory fee due in accordance with sub-regulation (3) shall be paid to the competent authority on the date when the undertaking is granted authorisation in accordance with the

Re-Insurance Special Purpose Vehicles Regulations, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with the said sub-regulation shall be paid to the competent authority on the 31st January of each calendar year.