B 2155
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,656, 2 ta’ Lulju, 2021
Taqsima  B
____________________________________________________________________B 2155
L.N. 279 of 2021
INSURANCE BUSINESS ACT
(CAP. 403)
European Passport Rights for Insurance and Reinsurance 
Undertakings (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. 14.1. (1) The title of these regulations is the European Passport
Rights for Insurance and Reinsurance Undertakings (Amendment)
Regulations, 2021 and th ese regulations sha ll be read and const rued as
one with the European Passport Ri ghts for Insurance and Reinsur ance
Undertakings Regulations, hereinafter referred to as "the principalregulations".
(2) The scope of these regulations is to transpose Articles 2(3)
of Directive (EU) 2019/2177 of the European Parliament and of theCouncil of 18 December 2019 amending Directive 2009/138/EC on
the taking-up and pursu it 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 orterrorist financing.
(3) These regulations shall be deemed to have come on the
30th June 2021.
Amends 
regulation 1 of 
the principal regulations.2. In sub-regulation (2) of regulation 1 of the principal
regulations, for the words "150(1) and (2), 155(1)", there shal l be
substituted the words "150(1) and (2), 152a(2), (3) and (4), 152b,
155(1)".
 Adds new Parts 
to the principal 
regulations. 3. Immediately after sub-regulation (9) of regulation 13 of the
principal regulations there shall be added the following new Pa rts:
"PART V bis
Notifications and Collaboration Platforms - Maltese 
Insurance and Maltese Reinsurance Undertakings
VERŻJONI ELETTRONIKA
B 2156
B 2156
Notification to 
EIOPA and the 
relevant 
European regulatory 
authority.13A.  (1) Where the competent authority identifies
deteriorating financial condi tions or other emerging risks
posed by a Maltese insurance undertaking or a Maltese
reinsurance undertaking carrying out activities in exercise
of a European right and which may have a cross-bordereffect, the competent authority shall, without prejudice to
any of its powers under these regulations or any other law,
also notify:  
(a) EIOPA; and 
(b) the relevant European regulatory
authority:
Provided that the competent authority shall
ensure that such notification shall be sufficiently detailedto allow for a proper assessment.
(2) Where no bilateral solution can be found
between the competent authority and the relevant
European regulatory authority, the competent authority
may refer the matter to EIOPA and request its assistance. 
Collaboration 
platforms.13B. (1) Without prejudice to any of its powers
under these regulations or any other law and to the right
of the competent authority to set up a collaboration
platform with other relevant European regulatory
authorities where they joint ly so agree, the competent
authority may request EIOPA to set up and coordinate a
collaboration platform to strengthen the exchange of
information and to enhance collaboration between therelevant European regulatory authorities including the
competent authority. The competent authority may
request to set up the said collaboration platform where aMaltese insurance undertaking or Maltese reinsurance
undertaking carries out activities in exercise of a
European right and where:
(a) such activities are of relevance with
respect to another host Member State's market;
(b) a notification by the competent authority
of deteriorating financial conditions or otheremerging risks has been made under regulation
13A(1); or
(c) the matter has been referred to EIOPA
by the competent authority under regulation 13A(2)
or by a relevant European regulatory authority interms of Article 152a(2) of the Solvency II
Directive. 
VERŻJONI ELETTRONIKA
B 2157
B 2157
 (2) Without prejudice to Article 35 of Regulation
(EU) No 1094/2010, at the request of EIOPA, the
competent authority shall provide to EIOPA all the
necessary information in a timely manner to allow for the
proper functioning of the collaboration platform. 
PART V ter
Notifications and Collaboration Platforms - European 
Insurance and European Reinsurance Undertakings
Notification to 
the relevant European 
regulatory 
authority.13C. (1) Without prejudice to any of its powers
under these regulations or under any other law, where the
competent authority has serious and reasoned concernswith regard to consumer protection being posed by a
European insurance undertaking or a European
reinsurance undertaking carrying out activities in Malta inexercise of a European right, it may notify the European
regulatory authority of such European insurance
undertaking or of such European reinsurance undertaking,as the case may be:
Provided that the competent authority shall
ensure that such notification shall be sufficiently detailed
to allow for a proper assessment. 
(2) Where no bilateral solution can be found
between the competent authority and the relevant
European regulatory authority in receipt of thenotification made under sub-regulation (1), the competent
authority may refer the ma tter to EIOPA and request its
assistance.  
Collaboration 
platforms.13D. (1) Without prejudice to any of its powers
under these regulations or any other law and to the right
of the competent authority to set up a collaboration
platform with other relevant European regulatory
authorities where they jointly so agree, the competentauthority may request EIOPA to set up and coordinate a
collaboration platform to strengthen the exchange of
information and to enhance collaboration between therelevant European regulatory authorities including the
competent authority. The said collaboration platform may
be set up, where a European insurance undertaking or aEuropean reinsurance undertaking carries out activities in
exercise of a European right in Malta, and where:
(a) such activities are of relevance to the market
in Malta;
VERŻJONI ELETTRONIKA
B 2158
________________________________________________________________________________________________________________________
Ippubblikat mid-Dipartiment tal-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta
Mitbugħ fl-Istamperija tal-Gvern fuq karta FSC — Printed at the Government Printing Press on FSC certified paper
Prezz /Price
€0.18B 2158
(b) a notification by the European regulatory
authority of deteriorating financial conditions or other
emerging risks has been made under Article 152a(2) of
the Solvency II Directive; or
(c) the matter has been referred to EIOPA by the
competent authority under article 13C(2) or by the
relevant European regulatory authority in terms of Article152a(2) of the Solvency II Directive. 
(2) Without prejudice to Article 35 of Regulation
(EU) No 1094/2010, at the request of EIOPA, thecompetent authority shall provide to EIOPA all thenecessary information in a timely manner to allow for the
proper functioning of the collaboration platform.".
VERŻJONI ELETTRONIKA