S.L. 403.15 ст. 3Adoption of reorganisation measures in Malta.

(1) Only the relevant authorities shall be entitled to decide on the reorganisation measures with respect to a Maltese insurance undertaking, including its branches.

(2) Reorganisation measures adopted in respect of a Maltese insurance undertaking, including its branches established in host Member States shall be governed by the Act or the Companies Act, as applicable, unless otherwise provided by regulations 19 to 28:

Provided that, reorganisation measures shall not preclude the dissolution and consequential winding up of the Maltese insurance undertaking concerned.

(3) The reorganisation measures adopted pursuant to sub-regulation (2) shall be fully effective in other Member States or EEA States without any further formalities, including against third parties in other Member States or EEA States, even if the legislation of those other Member States or EEA States does not provide for such reorganisation measures, or alternatively makes their implementation subject to conditions which are not fulfilled.

(4) The reorganisation measures adopted pursuant to sub-regulation (2) shall be effective in other Member States or EEA States once they become effective in Malta.

(5) Nothing in these regulations shall prejudice the powers of the competent authority in relation to reorganisation measures with respect to a Maltese insurance undertaking including its branches established in host Member States, where provided for in the Act.