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Insurance Brokers And Other Intermediaries Act (Cap. 404) Insurance Intermediaries (Fees) (Amendment) Regulations, 2003 (L.N. No. 221 Of 2003 )

INSURANCE BROKERS AND OTHER INTERMEDIARIES ACT(CAP. 404)Insurance Intermediaries (Fees) (Amendment) Regulations, 2003

IN exercise of the powers conferred by article 3 of the Insurance Brokers and Other Intermediaries Act, the Minister of Finance and Economic Affairs, after consultation with the Malta Financial Services Authority, as the competent authority appointed for the objectives of the Act, has made the following regulations:

Citation and commencement.

L.N. 138of 1999.

Amends regulation

2 of the principal regulations.

Amends regulation

5 of the principal regulations.

(2) These regulations shall come into force on the 1st
January, 2004.

(a) immediately after the definition of “the Act” there shall be added the following new definition:
“ “the Authority” means the competent authority appointed under article 3 of the Act;”;
(b) the definition of “Centre” shall be deleted, and for the word “Centre” wherever it appears in the principal regulations, there shall be substituted the word “Authority”;
(c) immediately after the definition of “the Schedule” there shall be added the following new definition:
“ “the Tribunal” means the Financial Services Tribunal referred to in article 45 of the Act;”.

“5. When business of insurance broking statements are forwarded under article 24 of the Act, an enrolled company shall pay to the Authority the fee specified in the second column of Part III of the Schedule, according to the amount of its gross commissions receivable for the calendar year to which the statements forwarded relate.”.

(1) For paragraph 4 of Part I of the Schedule to the principal regulations there shall be substituted the following:
“4. Enrolment of a person in the
Sub-agents List
(a) in the case of a person who is an individual, if the enrolment is to carry out insurance sub-agency activities -
B 2517

Amends Part I of the Schedule to the principal regulations.

(i) in the class or 35 classes of long term business
or the class or classes, or group or groups of classes
of general business
(ii) in the class or 50 classes of long term business
and the class or classes, or group or groups of classes
of general business
(b) in the case of a person who is not an individual, if the enrolment is to carry out insurance sub-agency activities –
(i) in the class or 35 classes of long term business
or the classes or classes, or group or groups of classes of general business
45
50
45 and 75 in respect of every business premises
B 2518
(ii) in the class or 50 classes of long term business
and the class or classes, or group or groups of classes of general business
75 and 75 in respect of every business premises”.

Amends Part II of the Schedule to the principal regulations.

(2) For sub-paragraphs (a) and (b) of paragraph 8 of Part II of the Schedule to the principal regulations there shall be substituted the following>

the enrolment is to carry out insurance
sub-agency activities -
(aa) in the class or classes of long term business or the class or classes, or group or groups of
classes of general business 80
(bb) in the class or classes of long term business and the class or classes, or group or groups of
classes of general business 100
(ii) In the case of a sub-agent who is not
an individual if the enrolment is to carry out insurance sub-agency activities -
(aa) in the class or classes of long term 80 and75 business or the class or classes, or group or in respect of groups of classes of general business every business
premises
(bb) in the class or classes of long term 125 and75 business and the class or classes, or group in respect of or groups of classes of general business every business
premises”.

“Part III

Business statements -
First Column Second Column
B 2519

Amends Part III of the Schedule

to the principal regulations.

Gross commissions receivable:
Fee
Lm
Up to and including Lm100,000 450
Over Lm100,000 up to and including Lm200,000 550
Over Lm200,000 up to and including
Lm300,000 650
Over Lm300,000 up to and including
Lm400,000 750
Over Lm400,000 up to and including
Lm500,000 850
Over Lm500,000 up to and including
Lm750,000 1,000
Over Lm750,000 up to and including
Lm1,000,000 1,250
Over Lm1,000,000 1,500”.