S.L. 403.19 Art. 4Applicabilityofthe EU Regulations to reinsurance special purpose vehicles.

The provisions of the EU Regulations relating to special purpose vehicles shall apply to all reinsurance special purpose vehicles whose head office is in Malta and such reinsurance special purpose vehicles shall comply with all the obligations and satisfy all the requirements imposed on them by the said EU Regulations.

(2) An authorised reinsurance special purpose vehicle shall not engage in activities other than those for which the reinsurance special purpose vehicle is authorised in terms of these regulations.

(3) Without prejudice to Article 9 of the EU Implementing Regulation, where a reinsurance special purpose vehicle intends to enter into contractual arrangements relating to the transfer of risk with a ceding undertaking established in a third country, the competent authority may consult the overseas regulatory authority concerned, before it takes a decision on authorisation.

(4) The authorisation of a reinsurance special purpose vehicle shall state the activities for which the reinsurance special purpose vehicle is authorised and any terms and conditions relating to those activities.

(5) An authorised reinsurance special purpose vehicle may, subject to the approval of the competent authority, appoint an insurance manager to manage its business.

(6) The competent authority shall decide on an application for an authorisation within six months of the date of its receipt; and if it refuses to issue the authorisation it shall inform the applicant in writing stating the full reasons for the refusal.

(7) Any person who is aggrieved by a decision of the competent authority to refuse to issue an authorisation under this regulation may appeal against the decision to the Financial Services Tribunal.