S.L. 403.13 Art. 31Savings.

(1) Notwithstanding any other provision of these regulations, the Security Fund Committee appointed by the

Minister under regulation 6 of the Insurance Business Security Fund Regulations, 1986, repealed by these regulations, (hereinafter in these regulations referred to as ''the 1986 Regulations'') shall continue in office as if the Security Fund Committee were appointed by the competent authority under regulation 5 of these regulations, and the Bureau with which the Security Fund Committee had made an agreement under regulation 6(2) of the 1986 Regulations shall also continue in office as if the Management Committee had made the agreement with the Bureau under regulation 6(2) of these regulations until -

(a) in the case of the Security Fund Committee, the competent authority shall, pursuant to regulation 5 of these regulations, appoint the Management Committee; and

(b) in the case of the Bureau, the Management Committee shall, pursuant to regulation 6(2) of these regulations, make arrangement or agreement as is envisaged therein with such body or person as it may deem appropriate.

(2) Where, immediately after the date of coming into force of these regulations -

(a) a company licensed under the Insurance Business Act, 1981, repealed by the Act, to carry on in Malta the business of insurance as principal, was, immediately before that date, in a state of insolvency in accordance with the 1986 Regulations, and the Security Fund Committee or the Management Committee, as the case may be, was or is required, in respect of such of the obligations as may arise from a policy of insurance issued in Malta by that company, to make payments out of the Protection and Compensation Fund, the Security Fund Committee or the Management Committee shall -

(i) in its consideration of the obligations, be governed by Part II of the 1986 Regulations; and

(ii) in its consideration of the contributions, be governed by regulation 7 of Part I of the 1986 Regulations;

(b) a claim for compensation out of the Protection and Compensation Fund was, immediately before that date, made or was ought to be made, the Security Fund Committee or the Management Committee shall -

(i) in its consideration of the claim, be governed by Part III of the 1986 Regulations; and

(ii) in its consideration of the contributions, be governed by regulation 7, of Part I of the 1986 Regulations.

(3) All assets and liabilities of the Security Fund transferred to the Protection and Compensation Fund in virtue of the Act shall, as from the date of coming into force of these regulations, be kept separate from other assets and liabilities of the Protection and Compensation Fund and the administration of the assets and liabilities which are to be kept separate in virtue of those regulations shall continue to be governed by regulation 10 of the 1986 Regulations until all obligations of the Protection and Compensation Fund under the 1986 Regulations are discharged in full.

(4) Any assets of the Protection and Compensation Fund which are kept separate from the other assets of the Fund in virtue of this regulation remaining in hand after the discharge of all obligations under the 1986 Regulations shall be aggregated to the other assets of the Fund and be assets of the Fund and continue to be used under these regulations exclusively for the same purpose which they were used under the 1986 Regulations.

(5) For the purpose of this regulation, the ''Security Fund'' means the fund established by article 26 of the Insurance Business Act, 1981, repealed by the Act.