S.L. 403.4 Art. 7Fees payable by European insurance undertakings.

There shall be paid to the competent authority by any

European insurance undertaking establishing a branch in Malta under regulation 3 of the European Passport Rights for Insurance and Reinsurance Undertakings Regulations, the annual supervisory fee specified in Part IV of the Schedule. Such annual supervisory fee shall be paid during the month of June of each year and shall be calculated on the gross premiums written attributable to the business of insurance carried on in Malta through the establishment of a branch during the last calendar year:

Provided that, the first annual supervisory fee shall be due immediately upon the establishment of a branch in Malta. The first annual supervisory fee payable shall be equal to a proportion of the minimum fee established in Part IV of the Schedule. The fee payable shall be proportionate to the period remaining between the date of the establishment of the branch and the end of the following June.