S.L. 403.14 Art. 13ANotification to EIOPA and the relevant European regulatory authority.

(1)Where the competent authority identifies deteriorating financial conditions or other emerging risks posed by a Maltese insurance undertaking or a Maltese reinsurance undertaking carrying out activities in exercise of a European right and which may have a cross-border effect, the competent authority shall, without prejudice to any of its powers under these regulations or any other law, also notify:

(a) EIOPA; and

(b) the relevant European regulatory authority:

Provided that the competent authority shall ensure that such notification shall be sufficiently detailed to allow for a proper assessment.

(2) Where no bilateral solution can be found between the competent authority and the relevant European regulatory authority, the competent authority may refer the matter to EIOPA and request its assistance.