B 2153
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,656, 2 ta’ Lulju, 2021
Taqsima  B
____________________________________________________________________B 2153
L.N. 278 of 2021
INSURANCE BUSINESS ACT
(CAP. 403)
Insurance Business (Supervision of Insurance and Reinsurance 
Undertakings in a Group) (Amendment) Regulations, 2021
IN EXERCISE of the powers conferred by article 64 of the
Insurance Business Act, the Minister responsible for the regulation of
financial services, after consultation with the Malta Financial Services
Authority, has made the following regulations:-
Citation, scope 
and 
commencement.
S.L. 403. 17.1. (1) The title of these regulations is the Insurance
Business (Supervision of Insurance and Reinsurance Undertakings in a
Group) (Amendment) Regulations, 2021 and these regulations shal l be
read and construed as one with t he Insurance Business (Supervis ion of
Insurance and Reinsurance Undertakings in a Group) Regulations,hereinafter referr ed to as "the principal regulations".
(2) The scope of these regulations is to transpose Articles 2(4)
and 2(5) of Directive (EU) 2019/2177 of the European Parliament andof the Council of 18 December 2019 amending Directive 2009/138/ EC
on the taking-up and pursuit of the business of Insurance and
Reinsurance (Solvency II), Directive 2014/65/EU on markets in
financial instruments and Directive (EU) 2015/849 on the prevention
of the use of the financial system for the purposes of money-laundering or terrorist financing.
(3) These regulations shall be deemed to have come into force
on the 30
th June 2021.
Amends 
regulation 23 of 
the principal regulations.2. Regulation 23 of the principal regulations shall be amended
as follows:
(a) in sub-regulation (1) thereof, for the words
"competent authority where is the group supervisor" there shall
be substituted the words "competent authority where it is thegroup supervisor";
(b) in sub-regulation (2) thereof, for the words "it shall
inform the other members of the college of supervisors andforward the complete application to them, without delay." there
shall be substituted the words "it shall inform: 
(a) the other members of the college of supervisors;
VERŻJONI ELETTRONIKA
B 2154
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and
(b) EIOPA, 
of the receipt of application. The competent authority
as group supervisor shall forwa rd the complete application,
including the documentation submitted under sub-
regulation (1) by the undertaking, to the other members ofthe college of supervisors and EIOPA without delay. The
competent authority may request EIOPA to provide
technical assistance pursuant to point (b) of Article 8(1) of
Regulation (EU) No 1094/2010, with respect to the
decision on the application.";
(c) in sub-regulation (4) thereof, for the words "If in
accordance with Articles 41(2) and (3) and Articles 44(1) and (3)of Regulation (EU) No 1094/2010, the decision proposed by thepanel is rejected, the group supervisor shall take a" there shall be
substituted the words "Where EIOPA does not take a decision as
referred to in the second sub-paragraph of Article 231(3) of th e
Solvency II Directive, in acco rdance with Article 19(3) of
Regulation (EU) No 1094/2010, the group supervisor shall takethe"; and
(d) in paragraph (b) of sub-regulation (5) thereof, for the
words "if in accordance with Art icles 41(2) and (3) and Article s
44(1) and (3) of Regulation (EU) No 1094/2010, the decisionproposed by the panel is rejected, the competent authority shal l
take a" there shall be substituted the words "where EIOPA doesnot take a decision, as referred to in the second sub-paragraph ofArticle 231(3) of the Solvency II Directive, in accordance with
Article 19(3) of Regulation (EU) No 1094/2010, the competent
authority shall take a".
Amends 
regulation 28 of 
the principal regulations.3. Sub-regulation (4) of regulation 28 of the principal
regulations shall be substituted by the following new sub-regulation:
"(4) Where EIOPA does not take a decision in accordance
with Article 19 of Regulation (EU) No 1094/2010 and where the
competent authority is the group supervisor, the competentauthority shall take the final decision. The decision by the
competent authority acting as  group supervisor shall be
recognised as determinative and shall be applied by all the
regulatory authorities concerned.".
VERŻJONI ELETTRONIKA