S.L. 403.14 ст. 8Exercise of passport rights by Maltese insurance undertakings - establishment.

(1) A Maltese insurance undertaking may exercise a European right to establish a branch if it satisfies the requirements set out in the following provisions of this regulation.

(2) Pursuant to article 10(3) of the Act, a Maltese insurance undertaking intending to establish a branch in exercise of a European right shall give the competent authority a notice of intention which shall contain -

(a) the Member State or EEA State within the territory of which the insurance undertaking proposes to establish a branch;

(b) a scheme of operations setting out, inter alia, the types of business envisaged and the structural organisation of the branch;

(c) the address of the proposed branch from where documents may be obtained and to which they may be delivered, and such address shall be the one to which all communications to the general representative are to be sent;

(d) the name of the branch’s general representative who must possess sufficient powers to bind the insurance undertaking in relation to third parties and to represent it in relations with the authorities and courts of the host Member State; and

(e) such other information as may be specified by means of Insurance Rules.

(3) Without prejudice to sub-regulations (5), (6) and (7), the competent authority shall give a consent notice within the meaning of sub-regulation (4) to the European regulatory authority concerned within three months of receiving a complete notice of intention.

(4) The consent notice shall -

(a) be given in accordance with the Solvency II Directive;

(b) attest that the Maltese insurance undertaking covers the Solvency Capital Requirement and the Minimum Capital Requirement calculated in accordance with articles 15 and 17 of the Act;

(c) confirm that the Maltese insurance undertaking is authorised to carry on the classes of business of insurance which the branch proposes to carry on;

(d) contain the information stated in the notice of intention of the Maltese insurance undertaking; and

(e) include such other information as may be established by means of Insurance Rules.

(5) (a) Unless the competent authority has reason to doubt the adequacy of the system of governance, or the financial situation of the Maltese insurance undertaking or the fit and proper requirements in accordance with Article 42 of the Solvency II Directive of the general representative, taking into account the business planned, it shall, within three months of receiving the information referred in sub-regulation (2)(b), (c) and (d), communicate that information to the European regulatory authority of the branch and shall inform the undertaking concerned accordingly.

(b) Where the competent authority refuses to communicate the information referred to in sub-regulation (2) to the European regulatory authority of the branch, it shall give the reasons for its refusal to the undertaking concerned within three months of receiving all the information in question. The refusal or failure to act in the period stipulated shall be subject to a right of appeal to the Tribunal and the provisions of article 58 of the Act shall apply mutatis mutandis.

(6) On receiving a communication from the European regulatory authority of the branch, or if no communication is received by the competent authority from that European regulatory authority within two months of communicating the notice referred to in sub-regulation (3), the Maltese insurance undertaking may establish the branch and commence business in that Member State or EEA State.

(7) Any communication relating to the applicable provisions under which that business must be carried on in the host Member State shall be communicated to the undertaking concerned.

(8) In the event of a change in any of the particulars communicated in accordance with sub-regulation (2)(b), (c) and (d) the Maltese insurance undertaking shall give written notice of the change to the competent authority and to the European regulatory authority of the branch at least one month before implementing the change.

(9) For the purposes of this regulation -"applicable provisions" means the host state rules with which the Maltese insurance undertaking is required to comply when conducting business through the proposed branch in the host Member State concerned; "host state rules" means rules made by the European regulatory authority concerned in accordance with the Solvency II Directive.