S.L. 403.14 Art. 12Exercise of passport rights by Maltese reinsurance undertakings - establishment.

(1) No Maltese reinsurance undertaking authorised under the Act shall establish a branch in a Member State or EEA State in exercise of a European right without the written consent of the competent authority.

(2) Pursuant to article 10(3) of the Act, a Maltese reinsurance undertaking intending to establish a branch in exercise of a European right shall give the competent authority the following information -

(a) the Member State or EEA State within the territory of which the undertaking proposed to establish a branch;

(b) the address of the proposed branch from where the documents may be obtained and to which they may be delivered and such address shall be the one to which all communications to the general representative are to be sent;

(c) the name of the branch’s general representative who must possess sufficient powers to bind the undertaking in relation to third parties and represent it in relation authorities and courts of the host Member State;

(d) the type of reinsurance activity, according to Article 15(5) of the Solvency II Directive into which the planned business falls; and

(e) such other information as may be specified by means of Insurance Rules.

(3) The competent authority shall forward the information referred to in sub-regulation (2) to the European regulatory authority of the branch within one month of receiving such information from the Maltese reinsurance undertaking.

(4) In the event of a change in any of the information communicated in accordance with sub-regulation (2), the Maltese reinsurance undertaking shall inform the competent authority. The competent authority shall inform the European regulatory authority of the branch of such change, as soon as possible and in any event no later than one month after having received the information from the Maltese insurance undertaking.