S.L. 487.7 Art. 15Contravention by Maltese insurance intermediaries – establishment.

(1) Where, pursuant to Article 8(2) of the Insurance

Distribution Directive, a European regulatory authority of a host

Member State communicates to the competent authority its findings relating to a branch of a Maltese intermediary carrying out distribution activities in the host Member State, which is considered by it to be in breach of any obligation set out in the Insurance Distribution Directive, the competent authority shall assess the information received and, where applicable and at the earliest opportunity, take appropriate measures to remedy the situation and ensure that the Maltese intermediary concerned rectifies its position. The competent authority shall inform that European regulatory authority of any such measures taken.

(2) Where the European regulatory authority of the host Member State, after informing the competent authority, takes appropriate measures, pursuant to Article 8(3) of the Insurance Distribution Directive, to prevent further irregularities, the competent authority may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No. 1094/2010.