S.L. 403.14 ст. 9Exercise of passport rights by Maltese insurance undertakings - services.

(1) A Maltese insurance undertaking which intends to provide services for the first time in one or more Member States or

EEA States in exercise of a European right shall first provide a notice of intention to the competent authority indicating:

(a) the nature of the commitments it proposes to cover, or the risks which it proposes to undertake;

(b) the Member State or EEA State in which it intends to operate; and

(c) such other information as may be specified in Insurance Rules.

(2) The competent authority shall, within one month of receiving the notice of intention give a consent notice to the European regulatory authority concerned containing -

(a) a certificate attesting 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;

(b) the class or classes of long term business or class or classes or part classes of general business which the insurance undertaking has been authorised to carry on; and

(c) the nature of the risks which the insurance undertaking proposes to undertake or commitments it proposes to cover in the host Member State.

(3) When the competent authority sends the information contained under sub-regulation (2), it shall give written notice to the Maltese insurance undertaking concerned. The Maltese insurance undertaking may, after having received such written notice, start to provide the services in question in the host Member State: Provided that, where appropriate, the European regulatory authority concerned communicates to the competent authority, any conditions with which, in the interest of the general good, the undertaking is required to comply with in the host Member State, the competent authority shall, on receipt of such information, inform the Maltese insurance undertaking accordingly.

(4) Where the competent authority does not provide a consent notice within the period indicated in sub-regulation (2) it shall give written notice to the Maltese insurance undertaking of -

(a) its refusal to give a consent notice; and

(b) its reasons for that refusal:

Provided that, such notice is subject to a right of appeal to the Tribunal and the provisions of article 58 of the Act shall apply mutatis mutandis.

(5) In the event of a change in any of the particulars provided by the Maltese insurance undertaking in the notice of intention, the Maltese insurance undertaking shall give written notice of that change to the competent authority and the procedure provided for in this regulation shall apply accordingly.