S.L. 403.4 ст. 2Interpretation.

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

"the Act" means the Insurance Business Act; "authorisation" means an authorisation issued or held, or to be issued or held, under the Act to carry on business of insurance or to carry on business as a reinsurance special purpose vehicle or to act as an approved auditor;

"branch" includes -

(a) in the case of an undertaking whose head office is in Malta carrying on business of insurance, any premises of the undertaking, other than the undertaking’s principal place of business, from where the undertaking carries on business of insurance; and

(b) in the case of a third country insurance undertaking or a third country reinsurance undertaking carrying on business of insurance in or from Malta, any premises of the undertaking in Malta, other than the undertaking’s principal place of business, from where the undertaking carries on business of insurance; "cell" shall have the same meaning as is assigned to it in the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations;

"cell company" shall have the same meaning as is assigned to it in the Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "European insurance undertaking" shall have the same meaning as is assigned to it in the European Passport Rights for Insurance Undertakings Regulations; "gross premiums" means premiums after deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and before deduction of commissions

*These Regulations have been repealed by Legal Notice 368 of 2024. †see regulation 1(2) of these Regulations, as originally promulgated. payable by the undertaking;

"gross premiums receivable" means -

(a) in the case of an undertaking whose head office is in Malta, carrying on business of insurance, the gross amount of premiums written in respect of its aggregate business of insurance;

(b) in the case of a third country insurance undertaking or a third country reinsurance undertaking, carrying on business of insurance in Malta through a branch, the gross amount of premiums written in respect of the aggregate business of insurance carried on in Malta by the branch;

(c) in the case of an undertaking holding a permit issued under article 39 of the Act servicing solely and exclusively its long term business carried on in or from Malta, the gross amount of premiums written in respect of its aggregate business serviced by that undertaking in Malta in accordance with that permit, and in each case, required to be included in the annual information to be submitted in accordance with Insurance Rules issued pursuant to article 32 of the Act; "incorporated cell" shall have the same meaning as is assigned to it in the Companies Act (Incorporated Cell Companies Carrying on Business of Insurance) Regulations; "incorporated cell company" shall have the same meaning as is assigned to it in the Companies Act (Incorporated Cell Companies Carrying on Business of Insurance) Regulations; "non-cellular company” shall have the same meaning as is assigned to it in the Companies Act (Incorporated Cell Companies Carrying on Business of Insurance) Regulations; "permit" means a permit issued or held, or to be issued or held, pursuant to or under any provision of the Act; "reinsurance special purpose vehicle" shall have the same meaning as is assigned to it in the Reinsurance Special Purpose Vehicles Regulations;

"to service" in relation to unexpired policies, includes the run-off of such policies;

"the specified date" shall be construed in accordance with article 40 of the Act, and words and expressions used in these regulations which are also used in the Act but which are not defined herein shall have the same meaning as in the Act.

(2) In these regulations, unless explicitly excluded, business of insurance includes business of reinsurance thereof.