S.L. 403.14 Art. 7On-site verifications.

(1) Where a European insurance undertaking carries on business of insurance in Malta through a branch in exercise of a European right, its European regulatory authority may, after having first informed the competent authority, carry out itself or through an intermediary it appoints for that purpose, on-site verification of the information necessary to ensure the financial supervision of the undertaking. The competent authority may participate in that verification.

(2) Where the competent authority is unable to exercise its right to participate in accordance with sub-regulation (1), it may refer the matter to EIOPA and request its assistance in accordance with Article 19 of Regulation (EU) No 1094/2010.

(3) Where the competent authority has reason to consider that the activities of a European insurance undertaking, carrying on business of insurance in exercise of a European right in Malta, might affect financial soundness of the European insurance undertaking, it shall inform the European regulatory authority of that undertaking.