S.L. 403.17 Art. 3Applicability of regulations.

(1) For the purpose of these regulations, supervision at the level of the group shall apply to every authorised insurance undertaking and authorised reinsurance undertaking which is part of a group.

(2) Where the competent authority is the group supervisor of a group, or where it is one of the authorities responsible for the supervision of an individual insurance or reinsurance undertaking in a group and is not the group supervisor, group supervision shall apply in the following cases, where:

(a) either:

(i) an authorised insurance undertaking or an authorised reinsurance undertaking which is a participating undertaking in at least one other authorised insurance undertaking, authorised reinsurance undertaking, European insurance undertaking European reinsurance undertaking, third country insurance undertaking or third country reinsurance undertaking, in accordance with regulations 9 to 43; or

(ii) a European insurance undertaking or a European reinsurance undertaking which is a participating undertaking in at least an authorised insurance undertaking or an authorised reinsurance undertaking, in accordance with regulations 9 to 43; or

(b) an authorised insurance undertaking or an authorised reinsurance undertaking, the parent undertaking of which is an insurance holding company or a mixed financial holding company which has its head office in Malta or in another Member State or EEA State, in accordance with regulations 9 to 43; or

(c) an authorised insurance undertaking or an authorised reinsurance undertaking, the parent undertaking of which is an insurance holding company or a mixed financial holding company which has its head office in a third country, or is a third country insurance undertaking or a third country reinsurance undertaking, in accordance with regulations 44 to 47; or

(d) an authorised insurance undertaking or an authorised reinsurance undertaking, the parent undertaking of which is a mixed-activity insurance holding company, in accordance with regulation 48.

(3) For the avoidance of doubt, the provisions of the Act, regulations or Insurance Rules issued thereunder, concerning the supervision of an authorised insurance undertaking or an authorised reinsurance undertaking taken individually shall continue to apply to such an undertaking, except where it is otherwise provided under these regulations.