Cap. 487 ст. 12Specific requirements for enrolment in the case of foreign companies.

(1) In the case of an applicant which is a foreign company, such company shall be entitled to be enrolled in the Agents List,

Managers List or Brokers List if, in addition to the requirements of article 10, the competent authority is satisfied that -

(a) the company is registered or permitted in the country where its head office is situated to carry out insurance distribution activities or reinsurance distribution activities;

(b) the company has in Malta at all times -

(i) a branch; and

(ii) a representative: Provided that, a company carrying on business as an insurance broker restricted to contracts of insurance relating to risks situated outside of Malta or commitments where Malta is not the country of commitment may, either in lieu of or in addition to opening a branch in Malta, appoint an insurance manager enrolled under the Act to manage such business; and as long as the insurance manager holds such appointment, the business of insurance broking may be prescribed, the insurance distribution activities or reinsurance distribution activities shall be carried out from such branch by an individual who satisfies the following requirements:

(a) in the case of a company carrying out insurance distribution activities or reinsurance distribution activities -

(i) the individual is registered in the Agents Register, Managers Register or Brokers Register;

(ii) the individual is a director of the company or has authority to act for the company and the insurance distribution activities or reinsurance distribution activities are carried on under his management;

(iii) the individual is not an approved auditor, or a partner or an employee of an approved auditor of the company;

(b) in the case of a company carrying on other insurance distribution activities or reinsurance distribution activities as may be prescribed, provisions as may be prescribed.