S.L. 487.8 Art. 8Administrative penalties and other administrative measures.

(1) Without prejudice to articles 52 and 53 of the Act and to the supervisory powers of the competent authority referred to in regulation 7, the competent authority may impose administrative penalties and other administrative measures in respect of breaches of the provisions of the Act and of any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder, and of any delegated acts and technical standards that may be issued under the Insurance Distribution Directive.

(2) The administrative penalties and other administrative measures taken pursuant to sub-regulation (1) shall be effective, proportionate and dissuasive.

(3) The competent authority may, by notice in writing and without recourse to a court hearing, impose administrative penalties or other administrative measures, relating to breaches of the provisions of the Act and of any regulations, Insurance Distribution Rules and Conduct of Business Rules issued thereunder, which are applicable to persons registered or enrolled under the Act, to authorised insurance undertakings and authorised reinsurance undertakings, carrying out insurance distribution activities or reinsurance distribution activities in terms of the Act and to the members of the Board of Directors of such enrolled persons and insurance and reinsurance undertakings, where applicable, and to any other natural or legal persons who, under Maltese law, are responsible for such breach.