S.L. 456.1 Art. 5Actuarial factors.

(1) Subject to sub-regulation (2), the use of sex as a factor in the calculation of premiums and benefits for the purposes of insurance and related financial services shall not result in differences in the premiums and benefits relating to an individual with respect to insurance contracts concluded after 21st December 2007 where the policyholder is an individual.

(2) The provisions of sub-regulation (1) shall not apply with respect to insurance contracts concluded before 21st December 2012, where the use of sex is a determining factor in the assessment of risk, if the resulting differences in the premiums and benefits relating to an individual are proportionate, and where this assessment is based on relevant and accurate actuarial statistical data.

(3) For the purposes of sub-regulation (2), providers of insurance and related financial services who use such a determining factor shall file an annual notification to such effect with the Commission.

(4) Such notification shall include the following details:

(a) the name of the service provider;

(b) the product or service in relation to which the notification is being filed;

(c) a rationale as to why the use of sex is a determining factor; and

(d) the actuarial statistical data on which this rationale is based.

(5) For the purposes of sub-regulation (2), an insurance contract shall be deemed to have been concluded before 21st December 2012 notwithstanding that:

(a) the said insurance contract is extended automatically on or after 21st December 2012 on the basis of terms and conditions in an insurance contract concluded before 21st December 2012 (hereinafter referred as a "pre-existing contract"); or

(b) the said insurance contract is amended on or after 21st December 2012 on the basis of terms and conditions in a pre-existing contract, where the consent of the policyholder is not required; or

(c) the said insurance contract is a top-up or follow-on insurance policy whose terms were agreed in a pre-existing contract, where such insurance contract is activated by the unilateral decision of the policyholder; or

(d) a pre-existing contract is amended on or after 21st December 2012 on the request and with the consent of the policyholder, on condition that such amendment does not result in any increase in premium; or

(e) the said insurance contract is part of a scheme under which an insurance company transfers to another insurance company all rights and obligations arising from pre-existing contracts in accordance with the provisions of the Insurance Business Act.