S.L. 403.17 Art. 43Enforcement measures.

(1) Where authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings and European reinsurance undertakings in a group, do not comply with the requirements provided for in Articles 218 to 246 of the Solvency II Directive, or where the requirements are met but solvency may nevertheless be jeopardised or where the intra-group transactions or the risk concentrations are a threat to the financial position of such undertakings, measures necessary to rectify the situation as soon as possible shall be adopted:

(a) where the competent authority is the group supervisor of a group, by:

(i) the competent authority with respect to:

(aa) insurance holding companies and mixed financial holding companies; and

(bb) authorised insurance undertakings and authorised reinsurance undertakings;

(ii) the European regulatory authorities with respect to European insurance undertakings and European reinsurance undertakings;

(b) where the competent authority is one of the authorities responsible for the supervision of an individual insurance or reinsurance undertaking in a group and is not the group supervisor, by:

(i) the group supervisor with respect to insurance holding companies and mixed financial holding companies; and

(ii) the competent authority, with respect to authorised insurance undertakings and authorised reinsurance undertakings.

(2) Where in the case referred to in sub-regulation (1)(a)(i), the competent authority is not one of the supervisory authorities of the Member State in which the insurance holding company or mixed financial holding company has its head office, the competent authority shall inform the European regulatory authorities concerned of its findings with a view to enabling them to take the necessary measures.

(3) In the case referred to in sub-regulation (1)(a)(ii), the competent authority shall inform the European regulatory authorities concerned of its findings with a view to enabling them to take the necessary measures.

(4) Without prejudice to regulation 49, the competent authority shall determine the measures which may be taken with respect to insurance holding companies and mixed financial holding companies, whose head office is in Malta.

(5) Where the competent authority is the group supervisor of a group, or where the competent authority is one of the authorities responsible for the supervision of an individual insurance or reinsurance undertaking in a group and is not the group supervisor, the competent authority shall, where appropriate, coordinate any measures it may take, with the European regulatory authorities concerned or with the group supervisor, as applicable.