Cap. 487 ст. 3Powers of the Minister.

(1) The competent authority shall carry out its functions under this Act and, in particular, shall ensure compliance with the provisions of this Act.

(2) The Minister may, after consultation with the competent authority, make regulations as may be required for carrying into effect any of the provisions of this Act and without prejudice to the generality of the foregoing, the Minister may, by such regulations, in particular, make provisions in respect of any one or more of the following matters:

(a) the implementation of the Insurance Distribution Directive;

(b) the transposition of any requirement or provision as may arise under a Directive, Regulation or Decision of the European Union or any other similar measure relevant for the purposes of this Act. Any such regulations made under this paragraph and strictly related to transposition as aforesaid, may provide that in so far as any of the provisions of the regulations are inconsistent with the provisions of this Act or of any other law, the provisions of the regulations shall prevail, and the provisions of this Act or of any other law shall, to the extent of the inconsistency, not apply;

(c) the amendment or revocation of the Schedule;

(d) the payment by any person, body or cell created by a cell company, as the case may be, of any fees, duties and such other charges payable to the competent authority in respect of any matter provided for, by or under the Act, or any regulations made under this article;

(e) the registration or enrolment of persons, other than persons registered or enrolled by virtue of this Act, carrying out insurance distribution activities or reinsurance distribution activities or providing services ancillary to business of insurance as may be prescribed;

(f) any matter relating to or connected with any provision contained in the Schedule;

(g) any matter that may or is to be prescribed under any provision of this Act;

(h) the administrative measures and administrative penalties in respect of infringements as may be prescribed, which may be imposed and recovered by the competent authority without recourse to a court hearing, and such administrative penalties shall be due to the competent authority as a civil debt;

(i) the penalties or other punishments to which persons contravening or failing to comply with any provision of any regulation made under this Act shall become liable, being penalties of not less than two hundred and thirty euro (€230) and not exceeding one hundred and fifty thousand euro (€150,000), in respect of any offence and in respect of a continuing offence of a further penalty not exceeding two hundred and thirty euro (€230) for each day during which the offence continues;

(j) any matter incidental to or connected with any of the above;

(k) any matter relating to the establishment, co-ordination, amalgamation and otherwise of compensation schemes.

(2A) The regulations made under paragraph (h) of sub-article (2) may impose:

(a) administrative penalties which may not be greater than a financial penalty of one hundred and fifty thousand euro (€150,000) for each infringement or failure to comply, as the case may be, and, where such infringement or failure to comply continues, a further penalty not exceeding one hundred and sixteen euro (€116) for each day during which the infringement or failure to comply continues;and

(b) administrative penalties and fines higher than one hundred and fifty thousand euro (€150,000), where deemed necessary or appropriate, for any contravention of or failure of compliance with the Insurance Distribution Directive or any EU Regulation issued thereunder, or with any regulations, Insurance Distribution Rules or Conduct of Business Rules issued under this Act to transpose or to give effect to such Directive or Regulation.

(3) The Minister may, after consulting the competent authority, make regulations exempting any person from all or any of the provisions of this Act or any regulations made thereunder, subject to such conditions or requirements including the requirement of other forms of registration or enrolment and notification procedures as may be prescribed.

(4) The Minister may also by regulations under this article, after consultation with the competent authority, extend and make applicable any of the provisions of this Act to any other insurance or reinsurance distribution activity as may be prescribed which in his opinion ought, in the public interest, to be regulated by such provisions.

(5) Regulations made under this article may make such exemptions, conditions or modifications as may be specified therein in respect of different cases, circumstances or purposes and may give the competent authority such power of adaptation of the regulations as may be specified therein.

(6) In the event of a doubt as to whether an activity constitutes the carrying out of insurance distribution activities or reinsurance distribution activities, or whether such insurance distribution activities or reinsurance distribution activities are or are not being carried out in or from Malta, the matter shall be conclusively determined by the competent authority.

(7) The exercise of any of the powers assigned under this article shall be subject to any obligations or restrictions arising from Malta’s international commitments.

(8) Regulations made under this Act and any amendment or revocation of such regulations, may be published in the English language only.