S.L. 403.17 чл. 2Interpretation. Cap. 403. Cap. 330. Cap. 368. Cap. 368.

(1) In these regulations, unless the context otherwise requires -"the Act" means the Insurance Business Act;

"authorised insurance undertaking" means an undertaking whose head office is in Malta, which has received authorisation pursuant to article 7 of the Act to carry on direct general business and, or long term business, and includes an undertaking authorised to carry on direct and reinsurance business; "authorised reinsurance undertaking" means an undertaking whose head office is in Malta, which has received authorisation pursuant to article 7 of the Act to carry on business restricted to reinsurance;

"college of supervisors" means a permanent but flexible structure for the cooperation, coordination and facilitation of decision making concerning the supervision of a group; "Directive 2002/87/EC" means Directive 2002/87/EC of the European Parliament and of the Council of the 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/ EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/ EC and 2000/12/EC of the European Parliament and of the Council, as amended from time to time; "European insurance undertaking" means an undertaking having its head office in a Member State or an EEA State, other than Malta, pursuing the activity of direct insurance within the meaning of Article 2 of the Solvency II Directive, which has received authorisation in accordance with Article 14 of the Solvency II Directive; "European regulatory authority" means the supervisory authority or supervisory authorities as defined in Article 13 of the Solvency II Directive, designated by a Member State or EEA State, other

*see regulation 1(3) of these Regulations as originally promulgated. than Malta, empowered by law or regulation to supervise insurance or reinsurance undertakings; "European reinsurance undertaking" means an undertaking having its head office in a Member State or an EEA State, other than Malta, pursuing business restricted to reinsurance within the meaning of Article 2 of the Solvency II Directive which has received authorisation in accordance with Article 14 of the Solvency II Directive; "group" means a group of undertakings that:

(a) consists of a participating undertaking, its subsidiaries and the entities in which the participating undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a relationship as set out in Article 22 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/ EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/ EEC; or

(b) is based on the establishment, contractually or otherwise, of strong and sustainable financial relationships among those undertakings, and that may include mutual or mutual-type associations, provided that:

(i) one of those undertakings effectively exercises, through centralised coordination, a dominant influence over the decisions, including financial decisions, of the other undertakings that are part of the group; and

(ii) the establishment and dissolution of such relationships for the purposes of Title III of the Solvency II Directive are subject to prior approval by the group supervisor, where the undertaking exercising the centralised coordination shall be considered as the parent undertaking, and the other undertakings shall be considered as subsidiaries; "group supervisor" means the supervisory authority responsible for group supervision in accordance with Article 247 of the Solvency II Directive; "insurance holding company" means a parent undertaking, which is not a mixed financial holding company and the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings, European reinsurance undertakings, or third country insurance undertakings or third country reinsurance undertakings, at least one of such subsidiary undertakings being an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking or a European reinsurance undertaking; "intra-group transaction" means any transaction by which an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking or a European reinsurance undertaking, relies, either directly or indirectly, on other undertakings within the same group or on any natural or legal person linked to the undertakings within the same group by close links, for the fulfilment of an obligation, whether or not contractual, and whether or not for payment; "Malta Solvency II parent" means a parent undertaking with head office in Malta which is:

(a) an authorised insurance undertaking or an authorised reinsurance undertaking which is a participating undertaking in at least one authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking, European reinsurance undertaking, third country insurance undertaking or third country reinsurance undertaking;

(b) an insurance holding company; or

(c) a mixed financial holding company;

"method 1" means the method of calculating group solvency as described in regulation 22;

"method 2" means the method of calculating group solvency as described in regulation 25;

"mixed-activity insurance holding company" means a parent undertaking, other than an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking, a European reinsurance undertaking, a third country insurance undertaking, a third country reinsurance undertaking, an insurance holding company or a mixed financial holding company, which includes at least one authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking or European reinsurance undertaking among its subsidiary undertakings; "mixed financial holding company" means a mixed financial holding company as defined in Article 2(15) of Directive 2002/87/ EC; "overseas regulatory authority" means an authority in a country or territory outside Malta, that is not a Member State or EEA State, which exercises any regulatory or supervisory function in relation to financial services corresponding to a function of the competent authority as defined in the Malta Financial Services Authority Act;

"parent undertaking" has the same meaning as assigned to it by article 2 of the Companies Act, and for the purposes of these regulations includes any undertaking which, in the opinion of the competent authority, effectively exercises a dominant influence over another undertaking; "participating undertaking" means an undertaking which is either a parent undertaking or other undertaking which holds a participation or an undertaking linked with another undertaking by a relationship as set out in Article 22 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC; "participation" means the ownership, direct or by way of control, of 20% or more of the voting rights or capital of an undertaking, and for the purposes of these regulations, includes, the holding, directly or indirectly of voting rights or capital in an undertaking, over which, in the opinion of the competent authority, a significant influence is effectively exercised; "related undertaking" means either a subsidiary or another undertaking in which a participation is held, or an undertaking linked with another undertaking by a relationship as set out in Articles 22(7), (8), and (9) of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC;

"Solvency II Directive" means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), as amended from time to time, and includes any delegated acts and any technical standards that have been or may be issued thereunder; "subsidiary undertaking" means an undertaking within the meaning of article 2 of the Companies Act, and for the purposes of these regulations, includes, any undertaking over which, in the opinion of the competent authority, a parent undertaking effectively exercises a dominant influence; "third country" means a country which is not a Member State or EEA State, and other words and expressions which are also used in the Act shall, in these regulations, have the same meaning as in the Act.

(2) The provisions of these regulations shall be applicable in addition to the Commission Delegated Regulation (EU) 2015/35 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).