S.L. 403.13 Art. 2Interpretation.

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

''the Act'' means the Insurance Business Act; ''business of motor insurance'' means business of insurance of group 2 as specified in Part II of the Third Schedule to the Act or any class or part class thereof; ''competent authority'' means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; ''Financial Services Tribunal'' means the Tribunal referred to in article 57 of the Act; ''the Fund'' means the Protection and Compensation Fund established by article 49 of the Act; ''gross premiums'', in relation to an insurer and a calendar year, means premiums after deduction of discounts, refunds and rebates of premium and premiums receivable by the insurance undertaking under reinsurance contracts accepted by the undertaking but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the undertaking:

Provided that, in the case of an insurer which is an undertaking whose head office is in a country outside Malta, or an undertaking whose head office is in Malta and carries on business of insurance in a country outside Malta, the gross premium income relates to premium income attributable to business of insurance carried on by the insurer in Malta; ''insolvent insurer'' shall be construed in accordance with regulation 16(1); ''insurer'', in relation to the Fund, means an insurance undertaking authorised under the Act to carry on in Malta long term

*These regulations have been repealed by Legal Notice 318 of 2024. business or general business or an insurance undertaking which on * the date of coming into force of these regulations is authorised thereunder to carry on both long term business and general business whether or not such business is, in each case, combined with business of reinsurance but excludes an undertaking whose business is restricted to reinsurance; ''insurer concerned'' has the meaning assigned to it by regulation 24; ''the Management Committee'' and ''the Committee'' mean the Protection and Compensation Fund Management Committee established by regulation 5;

''protected commitment'' shall be construed in accordance with regulation 3(3)(a)(ii);

''protected liability'' shall be construed in accordance with regulation 3(3)(b);

''protected risk'' shall be construed in accordance with regulation 3(3)(a)(i), and the words and expressions which are also used in the Act shall have the same meanings as in the Act.

(2) These regulations shall not apply to an authorised reinsurance undertaking.