S.L. 487.8 Art. 3Interpretation. Cap. 487. Cap. 330.

(1) In these regulations, unless the context otherwise requires:

"the Act" means the Insurance Distribution Act;

"administrative penalty" means a penalty which may be imposed and is recoverable by the competent authority without recourse to a court hearing;

"the competent authority" means the Malta Financial Services Authority established by the Malta Financial Services

Authority Act;

"court penalty" means a penalty which is enforceable by prosecution in the courts of Malta;

"Financial Services Tribunal" shall be construed in accordance with article 50 of the Act;

"insurance-based investment product" has the same meaning as is assigned to it by article 2 of the Act; and

"Insurance Distribution Rules" has the same meaning as is assigned to it by article 2 of the Act;

"Schedule" means a schedule to these regulations.

(2) Words and expressions used in these regulations which are also used in the Act but which are not defined herein, shall have the same meaning as in the Act.