S.L. 403.23 Art. 2Interpretation. Cap. 403. Cap. 330. S.L. 330.06

(1) In these regulations, unless the context otherwise requires: "the Act" is the Insurance Business Act; "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; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "insurance holding company" means a parent undertaking, which is not a mixed financial holding company, the main business of which is to acquire and hold participations in subsidiary undertakings, where those subsidiary undertakings are exclusively or mainly authorised insurance undertakings, authorised reinsurance undertakings, European insurance undertakings, European reinsurance undertaking, third country insurance undertakings or third country reinsurance undertakings, at least one of such subsidiary undertakings being an authorised insurance undertaking, an authorised reinsurance undertaking, a European insurance undertaking or a European reinsurance undertaking; "mixed financial holding company" has the same meaning as that assigned to the term in regulation 2 of the Financial Conglomerates Regulations; "participating undertaking" means an undertaking which is either a parent undertaking or other undertaking which holds a participation or an undertaking linked with another undertaking by

*see regulation 1(3) of these Regulations as originally promulgated. a relationship as set out in Article 22 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC; "Solvency II Directive" means 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), as amended from time to time, and includes Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) ("Omnibus II"), any delegated acts and any technical standards that have been or may be issued thereunder, and the words and expressions which are used in these regulations which are not defined herein shall have the same meaning as in the Act.