S.L. 487.7 Art. 7Exercise of passport rights by European intermediaries - services. S.L. 403.14.

(1) A European intermediary which is seeking to provide services in Malta in exercise of a European right shall satisfy the service conditions specified in sub-regulation (2) and shall be exempt from the Act in accordance with the provisions of articles 6, 33 and 43A of the said Act, as applicable.

(2) The service conditions for the purposes of this regulation are that:

(a) the European intermediary has given its European regulatory authority a notice of intention to provide services in Malta, containing the requisite details in terms of Article 4 of the Insurance Distribution Directive;

(b) the competent authority has received from the European regulatory authority of such European intermediary a consent notice stating that it has given its consent to the intermediary to provide services in Malta;

(c) the consent notice shall include:

(i) the name, address and, where applicable, the registration number of the European intermediary;

(ii) the category of intermediary and, where applicable the name of any authorised insurance undertaking authorised reinsurance undertaking, European insurance undertaking or European reinsurance undertaking, represented;

(iii) the relevant classes of insurance, if applicable; and

(iv) such other information as may be specified by means of Insurance Distribution Rules;

(d) the European regulatory authority has informed the European intermediary, in writing, that the notice of intention has been sent to the competent authority; and

(e) details of any insurance guarantee scheme, if applicable, which is intended to protect policyholders.

(3) The competent authority shall immediately acknowledge receipt of the notice received pursuant to sub-regulation (2).

(4) In terms of Article 4(2) of the Insurance Distribution Directive, the European intermediary concerned is notified by its European regulatory authority that the applicable provisions are available through the means referred to in Article 11 (3) and (4) of the Insurance Distribution Directive.

(5) Upon receipt of the information referred to in sub-regulation (2) by the competent authority, the European intermediary may commence to carry out distribution activities in Malta, provided that such intermediary complies with the applicable provisions referred to in sub-regulation (4).

(6) In the event of a change in any of the particulars communicated in accordance with sub-regulation (2)(c), the competent authority shall be informed of such changes by the European regulatory authority concerned, as soon as is practicable and no later than one month from the date upon which such European regulatory authority is notified of the changes by the European intermediary.

(7) A European intermediary may, in exercise of a European right, only market in Malta insurance and reinsurance products of the European insurance or reinsurance undertaking which the European intermediary represents when providing services in Malta, if the European insurance undertaking or European reinsurance undertaking has exercised its European right in terms of the European Passport Rights for Insurance and Reinsurance Undertakings Regulations to carry on business of insurance in the class or classes of long term business or class or classes or part classes of general business by way of freedom of establishment or freedom to provide services.

(8) For the purpose of this regulation, "applicable provisions" means the Maltese rules with which, in the interest of the general good, the European intermediary is required to comply when carrying out distribution activities, as identified in the consent notice, when providing services in Malta.