S.L. 403.16 Art. 13Transfer, withdrawal and cessation of business.

(1) Where an insurer has ceased to carry on in Malta the business in respect of which the deposit was made, the insurer may apply in writing to the competent authority for those funds to be released to it.

(2) The competent authority shall, on receipt of an application under sub-regulation (1) accompanied by an appropriate declaration, determine the application having cognizance to the provisions of articles 18G(4), 28, 41 and 42 of the Act and direct the custodian in writing as it deems appropriate in the circumstances.

(3) In sub-regulation (2) an "appropriate declaration" means a written declaration by the applicant as is required by article 18G(4) of the Act or in consequence of a direction given in writing by the competent authority under article 28 of the Act -

(a) stating and proving by submission of documentary evidence acceptable to, or required by, the competent authority that to the best of his knowledge and belief the insurer has no further liability to discharge; and

(b) if the applicant is not the insurer -

(i) declaring that the applicant is entitled to give a good discharge for the relevant funds; and

(ii) stating and proving by submission of documentary evidence acceptable to, or required by, the competent authority the circumstances in which the applicant is so entitled.