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Insurance Business Act (Cap. 403) Insurance Business (Fees) (Amendment) Regulations, 2011 (L.N. 39 Of 2011 )

INSURANCE BUSINESS ACT (CAP. 403)Insurance Business (Fees) (Amendment) Regulations, 2011

IN exercise of the powers conferred by article 64 of the Insurance Business Act, the Minister of Finance, the Economy and Investment, after consultation with the Malta Financial Services Authority, has made the following regulations:-

(2) These regulations shall come into force on the 1st
February.

Citation and commencement.

S.L. 403.04

Amends regulation 2 of the principal regulations.

S.L. 386.13

S.L. 386.13

S.L. 386.13

" "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;".

Addition of new regulation to the principal regulations.

B 512 VERŻJONI ELETTRONIKA
"Fees payable by incorporated

cell companies

and

incorporated

cells.

S.L. 386.13

10. (1) Where, pursuant to the Companies Act (Incorporated Cell Companies Carrying on Business of Insurance) Regulations an application is made by:
(a) a company which shall be, when formed or constituted, authorised or, when transformed, authorised to carry on business of insurance as an incorporated cell company or an incorporated cell in terms of article 7 of the Act; or
(b) an incorporated cell company having no cells or an incorporated cell which shall be, when transformed, a non-cellular company authorised to carry on business of insurance,
the applicant shall pay to the Authority the fees applicable in terms of regulation 3.
(2) When business of insurance statements are forwarded under article 32 of the Act by an incorporated cell company and an incorporated cell, the incorporated cell company and incorporated cell shall pay to the Authority the fees determined in regulations 4 and 5, as applicable.

S.L. 386.13 (3) Where, pursuant to the Companies Act (Incorporated Cell Companies Carrying on Business of Insurance) Regulations, an application is made by an incorporated cell company having no incorporated cells which shall be, when transformed, authorised as a cell company, the company shall pay to the Authority the fees specified in regulation 8.".