S.L. 403.26 Art. 12Fees due by European insurance undertakings. S.L. 403.14.   S.L. 403.14.          S.L. 403.14.        S.L. 403.14.

(1) A European insurance undertaking that intends to establish a branch in Malta in accordance with regulation 3 of the

European Passport Rights for Insurance and Reinsurance

Undertakings Regulations shall, upon being notified by the European regulatory authority of its home Member State in accordance with Article 146(1) of the Solvency II Directive as transposed in national law, pay the competent authority a notification fee of one thousand euro (€1,000).

(2) A European insurance undertaking that has established a branch in Malta in accordance with regulation 3 of the European

Passport Rights for Insurance and Reinsurance Undertakings 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, in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable.

(3) Notwithstanding the provisions of sub-regulation (2), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulation shall be the aggregate of the following:

(a) the minimum fee established in the Second

Schedule, as applicable, prorated according to the period remaining between the date when the branch of such European insurance undertaking is established in Malta and may commence business in accordance with the regulation 3(4) of the European Passport Rights for Insurance and Reinsurance

Undertakings Regulations, and the end of the calendar year in which such branch was established; and

(b) the minimum fee established in the Second Schedule, as applicable, prorated according to the period between the start of the following calendar year and the date when the next 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 branch of the European insurance undertaking is established in Malta and may commence business in accordance with regulation

3(4) of the European Passport Rights for Insurance and Reinsurance

Undertakings Regulations, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (2) shall be paid to the competent authority on the 30th June of each calendar year.