S.L. 403.14 ст. 4Exercise of passport rights by European insurance undertakings - services.

(1) A European insurance undertaking 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 article 6 of the said Act.

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

(a) the European insurance undertaking has given its European regulatory authority a notice of intention to provide services in Malta with the requisite details in terms of Article 147 of the Solvency II Directive;

(b) the competent authority has received a notice of such intention from the European regulatory authority of the European insurance undertaking containing the following information and documentation:

(i) a certificate attesting that the European insurance undertaking covers the Solvency Capital Requirement and the Minimum Capital Requirement calculated in accordance with Articles 100 and 129 of the Solvency II Directive;

(ii) the class or classes of long term business or class or classes or part classes of general business which the European insurance undertaking has been authorised to offer;

(iii) the nature of the risks which the undertaking proposes to cover or the commitments which it proposes to undertake in Malta.

(3) When the competent authority has received such a notice from the European regulatory authority of the European insurance undertaking and has been informed of the intention of the European insurance undertaking to provide services in Malta, it shall, where appropriate, notify the European insurance undertaking and the European regulatory authority of the applicable provisions, if any.

(4) The European insurance undertaking may commence to provide services in Malta as from the date on which it is informed that the notice of intention referred to in sub-regulation (2)(b) has been given to the competent authority.

(5) In the event of a change in the nature of the risks or commitments it proposes to cover in Malta, the European insurance undertaking shall give written notice of that change to its European regulatory authority before implementing such change. Before such changes are implemented, the competent authority shall be informed of such changes by the European regulatory authority concerned.

(6) For the purposes of this regulation, "applicable provisions" means the Maltese rules in accordance with which the European insurance undertaking is required to comply when providing services in Malta in the class or classes of long term business or class or classes or part classes of general business, identified in the notice provided by its European regulatory authority.