S.L. 403.15 ст. 32Treatment of branches of third country insurance undertakings.

(1) Where a third country insurance undertaking authorised under the Act has a branch established in Malta, both the relevant authorities and the competent authority, as applicable, shall have jurisdiction to decide on reorganisation measures and winding up proceedings in relation to such branch of the insurance undertaking.

(2) The relevant authorities and the competent authority shall endeavour to coordinate their actions with foreign administrative or judicial authorities and the foreign authority where the third country insurance undertaking has established branches in other Member States or EEA States.

(3) The administrators and liquidators involved shall likewise endeavour to coordinate their actions.

(4) The provisions contained in this regulation are without prejudice to the provisions of article 28(3) of the Act.