S.L. 403.6 Art. 2Interpretation.

In these regulations, unless the context otherwise requires -

"the Act" means the Insurance Business Act;

"administrative penalty" means a penalty which may be imposed and recoverable by the competent authority without recourse to a court hearing;

''authorised insurance undertaking'' means an undertaking which has received authorisation pursuant to article 7 of the Act to carry on direct general business and, or long term business, and includes an undertaking authorised to carry on direct and reinsurance business;

''authorised reinsurance undertaking'' means an undertaking which has received authorisation pursuant to article 7 of the Act to carry on business restricted to reinsurance; ''authorised undertaking'' means an authorised insurance undertaking and an authorised reinsurance undertaking; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "court penalty" means a penalty which is enforceable by prosecution in the courts of Malta; "Financial Services Tribunal" shall be construed in accordance with article 57 of the Act; "Insurance Rules" shall have the same meaning as is assigned to it by article 2 of the Act; "Schedule" means a schedule to these regulations, and words and expressions used in these regulations which are also used in the Act but which are not defined herein, shall have the same meaning assigned to them in the Act.