S.L. 403.11 ст. 4Application of the Act to companies carrying on business of affiliated insurance.

(1) The Act and any regulations and Insurance Rules made thereunder shall apply to a captive insurance undertaking and a captive reinsurance undertaking, in the same manner and to the same extent, unless specified otherwise, as they apply to an authorised insurance undertaking or an authorised reinsurance undertaking whose head office is in Malta, subject to the following provisions of this regulation.

(2) Article 7(9) of the Act shall apply as if for the period of six months prescribed therein there was substituted the period of three months.

(3) Article 10(2) of the Act shall apply only to the extent that a captive insurance undertaking or a captive reinsurance undertaking may, with the approval of the competent authority given in writing, appoint an insurance manager.

(4) Article 20(1)(b) of the Act shall not apply.

(5) Where it is proposed to carry out a transfer of business of insurance where either the transferor or the transferee are captive insurance undertakings or captive reinsurance undertakings, the provisions of Part VIII of the Act shall apply subject to the following provisions of this subregulation:

(a) article 33(2) of the Act shall apply as follows:

(i) paragraph (a) thereof shall not apply;

(ii) paragraph (b) thereof shall apply to the extent only of requiring that a notice approved for this purpose by the competent authority be sent by the transferor to every policyholder affected by the scheme and every other person who claims an interest in a policy included in the proposed transfer and has given notice of his claim to the transferor; and

(iii) paragraph (c) thereof shall apply;

(b) article 35(3) of the Act shall apply as follows:

(i) paragraph (a) thereof shall not apply; and

(ii) paragraph (d)(i) thereof shall not apply, unless otherwise determined by the Financial Services Tribunal.

(6) Article 39(2)(a)(i) of the Act shall not apply.

(7) Articles 44 and 47 of the Act shall not apply.

(8) Article 48(2) of the Act shall not apply.

(9) Article 48A of the Act shall not apply.

(10) Part XI of the Act shall not apply to a captive insurance undertaking or a captive reinsurance undertaking.