S.L. 403.17 Art. 49Penalties.

(1) Any insurance holding company and mixed financial holding company, or any person effectively managing those companies, who contravenes any of the provisions of these regulations, applicable to them, shall be liable to an administrative penalty which may not be greater than a financial penalty of one hundred and fifty thousand euro (€150,000) in respect of each infringement or failure to comply, as the case may be, and, where such infringement or failure to comply continues, a further penalty not exceeding one hundred and sixteen euro (€116) for each day during which the infringement or failure to comply continues: Provided further that a penalty imposed under this regulation, whether in the form of a fixed amount, a daily penalty, or both, may, in no case, exceed one hundred and fifty thousand euro (€150,000).

(2) The competent authority shall cooperate closely with the European regulatory authorities concerned, to ensure that the sanctions or measures referred to in Article 258(3) of the Solvency II Directive are effective, in particular where the central administration or main establishment of an insurance holding company or mixed financial holding company is not located in Malta.