S.L. 487.7 чл. 3Exercise of passport rights by European intermediaries - establishment. S.L. 403.14.

(1) A European intermediary which is seeking to establish a branch in Malta in exercise of a European right shall satisfy the establishment conditions specified in sub-regulation (2) and shall be exempt from the Act in accordance with the provisions of articles 6, 33 and 43A of the said Act, as applicable.

(2) The establishment conditions for the purposes of this regulation are that:

(a) the European intermediary has given to its European regulatory authority a notice of intention to establish a branch in Malta, containing the requisite details in terms of Article 6 of the Insurance Distribution Directive;

(b) the competent authority has received from the European regulatory authority of such European intermediary a consent notice stating that it has given its consent to the intermediary to establish a branch in Malta;

(c) the consent notice shall include:

(i) the name, address and, where applicable, the registration number of the European intermediary;

(ii) the category of intermediary and, where applicable, the name of any authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking or European reinsurance undertaking, represented;

(iii) the relevant classes of insurance, if applicable;

(iv) the address in Malta from where documents may be obtained and to which they may be delivered;

(v) the name of any person responsible for the management of the branch; and

(vi) such other information as may be specified by means of Insurance Distribution Rules;

(d) the European regulatory authority has informed the European intermediary, in writing, that the consent notice has been sent to the competent authority; and

(e) details of any insurance guarantee scheme, if applicable, which is intended to protect the branch’s policyholders.

(3) The competent authority shall immediately acknowledge receipt of the notice received pursuant to sub-regulation (2).

(4) Before a European intermediary commences its distribution activities in Malta, the competent authority shall, within one month of receiving the information referred to in sub-regulation (2), inform the European regulatory authority concerned, through the means referred to in Article 11 of the Insurance Distribution Directive, of the applicable provisions under which, in the interest of the general good, the distribution activities shall be carried out in Malta.

(5) The European intermediary may establish the branch and commence distribution activities in Malta as from the date upon which it is informed by its European regulatory authority, of the applicable provisions, provided that it complies with the said applicable provisions, or, if no applicable provisions are notified to the European regulatory authority, on the expiry of the period referred to in sub-regulation (4).

(6) In the event of a change in any of the particulars communicated in accordance with sub-regulation (2)(c), the competent authority shall be informed of such changes by the European regulatory authority concerned, as soon as is practicable and no later than one month from the date upon which such European regulatory authority is notified of the changes by the European intermediary.

(7) A European intermediary may, in exercise of a European right, only market in Malta insurance and reinsurance products of the European insurance or reinsurance undertaking which the European intermediary represents through a branch in Malta, if the European insurance undertaking or European reinsurance undertaking has exercised its European right in Malta in terms of the European Passport Rights for Insurance and Reinsurance Undertakings Regulations, to carry on business of insurance in the class or classes of long term business or class or classes or part classes of general business through the establishment of a branch.

(8) For the purpose of this regulation, "applicable provisions" means the Maltese rules with which, in the interest of the general good, the European intermediary is required to comply when carrying out distribution activities, as identified in the consent notice, through a branch in Malta.