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Insurance Business Act (Cap. 403) Insurance Business (Fees) (Amendment) Regulations, 2005 (L.N. 8 Of 2005 )

INSURANCE BUSINESS ACT (CAP.403)
Insurance Business (Fees) (Amendment) Regulations, 2005
IN exercise of the powers conferred by article 64 of the Insurance Business Act, the Prime Minister and Minister of Finance, after consultation with the Malta Financial Services Authority, has made the
following regulations>-
1. The title of these regulations is the Insurance Business (Fees) (Amendment) Regulations, 2005, and they shall be read and construed as one with the Insurance Business (Fees) Regulations, 1999, hereinafter referred to as “the principal regulations”.
2. Sub-regulation (1) of regulation 2 of the principal regulations shall be amended as follows>
(a) immediately after the definition “Brokers List” there shall be added the following new definitions>

Citation.

L.N.139 of 1999.

Amends regulation 2 of the principal regulations.

L.N. 218 of 2004

.

“ “cell” shall have the same meaning as is assigned to it in the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, 2004<
“cell company” shall have the same meaning as is assigned to it in the Companies Act (Cell Companies Carrying
on Business of Insurance) Regulations, 2004<”< and
(b) immediately after the definition “enrolled company”
there shall be added the following new definition>

L.N. 89 of

2004.

“ “ European insurance undertaking” shall have the same meaning as is assigned to it in the European Passport Rights for Insurance Undertakings Regulations, 2004.”.
B 96

Amends regulation 3 of the principal regulations.

Amends regulation

4 of the principal regulations.

Amends regulation

6 of the principal regulations.

Renumbers regulation 7

of the principal regulations.

Adds new regulation 7

to the principal regulations.

3. In sub-regulation (1) of regulation 3 of the principal regulations, for the words “Protection and Indemnity Club” there shall be substituted the words “Mutual Association”.
4. In regulation 4 of the principal regulations, for the words “Protection and Indemnity Club” there shall be substituted the words “Mutual Association”.
5. Regulation 6 of the principal regulations shall be amended as follows>
(a) in the marginal note thereto, for the words “Protection and Indemnity Club” there shall be substituted the words “Mutual Association”< and
(b) in the said regulation, for the words “Protection and Indemnity Clubs” there shall be substituted the words “Mutual Associations”.
6. Regulation 7 of the principal regulations shall be renumbered as regulation 9 thereof.
7. Immediately after regulation 6 of the principal regulations, there shall be added the following new regulation>-

“Fees payable by European insurance undertakings.

7. There shall be paid to the Authority by any European insurance undertaking establishing a branch in Malta under regulation 3 of the European Passport Rights for Insurance Undertakings Regulations, 2004, the supervisory fee specified in Part IV of the Schedule. Such supervisory fee shall be paid during the month of June of each year and shall be calculated on the gross premiums receivable attributable to the business of insurance carried on in Malta through the establishment of
a branch during the last calendar year.”.

Adds new regulation 8 to the principal regulations.

8. Immediately after regulation 7 of the principal regulations, there shall be added the following new regulation>-

“Fees payable by cell companies.

8. (1) Where an application is made by a company which will, when formed or constituted, be authorised or,
when converted, is a company authorised under article 7 of the Act, or where an application is submitted by the cell company for the creation of a new cell to carry on business of insurance pursuant to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, 2004, the applicant shall pay to the Authority –
(a) upon submission of the application to carry on business of insurance as a cell company, irrespective of whether the application is eventually accepted or refused, the sum of Lm875 as submission of application fee<
(b) upon acceptance of the application to carry on business of insurance as a cell company, the sum of Lm875 as acceptance of application fee<
(c) upon submission of the application for the creation of a cell, irrespective of whether the application is eventually accepted or refused, the sum of Lm300 as submission of application fee<
(d) upon acceptance of the application for the creation of a cell, the sum of Lm300 as acceptance of application fee.
(2) When the business of insurance statements are forwarded by the cell company under article 32 of the Act, there shall be paid by the said cell company to the Authority the fee specified in the Second Column of Table A of Part III of the Schedule according to the amount of the gross premiums receivable by the cell company, including premiums receivable by the cells.
(3) Where an application is made from a company to act as an insurance manager which will, when formed or constituted, be authorised or, when converted, is a company authorised under article 13 of the Act, or where an application is submitted for the creation of a new cell pursuant to the Companies Act (Cell Companies Carrying on Business of
B 97
B 98

Adds new Part IV to the Schedule to the principal regulations.

Insurance) Regulations, 2004, the applicant shall pay to the
Authority-
(a) upon submission of the application, irrespective of whether the application is eventually accepted or refused, the sum of Lm200 as submission of application fee<
(b) upon acceptance of the application, the sum of Lm200 as acceptance of application fee<
(c) upon submission of the application for the creation of a cell, irrespective of whether the application is eventually accepted or refused, the sum of Lm100 as submission of application fee<
(d) upon acceptance of the application for the creation of a cell, the sum of Lm100 as acceptance of application fee.
(4) During the month of January of the following year, the insurance manager shall pay to the Authority a continuance of authorisation fee of Lm400 and Lm300 in respect of each cell created.”.
9. In the Schedule to the principal regulations, immediately at the end of Part III thereof, there shall be added the following new Part IV>-
“Part IV
Fees payable by a European Insurance Undertaking
Supervisory fee -
First Column Second Column
Fee
Lm
Gross premiums receivable during the last ended calendar year>
Up to and including Lm1,000,000 1,750
Supervisory fee -
First Column Second Column
Fee
Lm
Over Lm1,000,000 up to and
including Lm1,500,000 2,000
Over Lm1,500,000 up to and
including Lm2,000,000 2,500
Over Lm2,000,000 up to and
including Lm3,000,000 3,500
Over Lm3,000,000 up to and
including Lm5,000,000 4,000
Over Lm5,000,000 up to and
including Lm10,000,000 5,000
Over Lm10,000,000 6,500”.
B 99

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

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