S.L. 403.19 Art. 2Interpretation. Cap. 403. Cap. 330. Cap. 330. Cap. 487.

(1) In these regulations, unless the context otherwise requires -"the Act" means the Insurance Business Act; "authorised reinsurance special purpose vehicle" means a reinsurance special purpose vehicle, which is authorised in accordance with these regulations;

"ceding undertaking" means an insurance undertaking or reinsurance undertaking which has received authorisation in accordance with Article 14 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), that has transferred risk to a reinsurance special purpose vehicle, and includes an insurance or reinsurance undertaking authorised in a third country; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act;

"EU Delegated Regulation" means Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), as amended from time to time;

"EU Implementing Regulation" means Commission Implementing Regulation (EU) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the cooperation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/ EC of the European Parliament and of the Council, as amended from time to time; "EU Regulations" means the EU Delegated Regulation and the EU Implementing Regulation, as herein defined, and words and under article 21 of the Malta Financial Services Authority Act; "insurance manager" means a person enrolled as such under article 13 of the Insurance Distribution Act; "Insurance Rules" has the same meaning as is assigned to it by article 2 of the Act for the purpose of carrying into effect the provisions of these regulations;

"MiFID II Directive" means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/ EC and Directive 2011/61/EU, as amended from time to time and includes any implementing measures that have been or may be issued thereunder; "reinsurance special purpose vehicle" means an undertaking, other than an existing insurance undertaking or reinsurance undertaking, which assumes risks from a ceding undertaking and which fully funds its exposure to such risks through the proceeds of a debt issuance or any other financing mechanism where the repayment right of the providers of such debt or financing mechanism are subordinated to the reinsurance obligations of such a vehicle, and the term "special purpose vehicle" used in the EU Regulations shall be construed accordingly; "third country" means a country that is not a Member State or EEA State.

(2) Words and expressions used in these regulations which are also used in the Act, but which are not defined herein or in the EU Regulations, shall in these regulations have the same meaning as in the Act.