L.S. 487.03(R) Regolamenti dwar Insurance Distribution (Fees) Imħassrin bl-Avviż Legali 369 tal-2024

(1)In these regulations, unless the context otherwise requires - Interpretation. Amended by: L.N.240 of

1. "Act" means the Insurance Distribution Act Cap.
2. "branch", in the case of a company enrolled in the Agents List, Managers List or Brokers List, includes any premises of the company in Malta, other than the company’s principal place of business, from where the company carries out insurance distribution activities or reinsurance distribution activities; "business premises", in relation to tied insurance intermediaries activities or ancillary insurance intermediaries activities, means any premises from where a person enrolled in the Tied Insurance Intermediaries List or the Ancillary Insurance Intermediaries List carries out tied insurance intermediaries activities or ancillary insurance intermediaries activities, other than its principal place of business; "cell" and "cell company" shall have the same meaning as is assigned to them in the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations; S.L. 386.10 "the competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "European intermediary" shall have the same meaning as is assigned to it in the European Passport Rights for Intermediaries Regulations; "gross commissions receivable" means (a) in the case of a person resident in Malta or having its registered office or head office in Malta enrolled in the Agents List or Brokers List, the gross amount of commissions receivable in respect of its aggregate insurance distribution activities or reinsurance distribution activities; (b) in the case of a company, which is a foreign company, enrolled in the Agents List or Brokers List, the gross amount of commissions receivable in respect of its aggregate insurance distribution activities or reinsurance *These regulations have been repealed by Legal Notice 369 of
3. †see regulation 1

(2)of these Regulations as originally promulgated. S.L. 487.07 1 2 [ S.L.487.03 INSURANCE DISTRIBUTION (FEES) distribution activities; carried on in or from Malta, in each case, required to be included in the statements required to be forwarded under article 25 of the Act in relation to the calendar year to which the statements relate; "the Schedule" means a Schedule to these regulations; Cap. 330. "the Tribunal" has the same meaning as is assigned to it by article 2 of the Act;

(2)Words and expressions used in these regulations which are also used in the Act but which are not defined herein shall have the same meaning assigned to them in the Act. Payment of registration, enrolment and permit fees. Amended by: L.N. 240 of 2018. 3.

(1)Subject to the provisions of sub-regulations

(2)and

(3), any person applying for registration in the Agents Register, Managers Register or Brokers Register, or enrolment in the Agents List, Managers List or Brokers List, the Tied Insurance Intermediaries List or the Ancillary Insurance Intermediaries List, or restoration of a name to the Agents Register, Managers Register or Brokers Register or the Agents List, Managers List or Brokers List, or registration of an underwriting agreement, or a permit of a kind, in each case, specified in the first column of Part I of the Schedule, shall, upon submission of the application, irrespective of whether the application is eventually accepted or not, pay to the competent authority the fee relating to the kind of registration, or enrolment, or restoration or permit to which the application relates as specified in the Second Column of Part I of the Schedule.

(2)Where at the time of submitting an application a person is enrolled in the Agents List or Managers List and is applying in relation to an appointment, the applicant pay to the competent authority upon submission of the application, irrespective of whether the application is eventually accepted or not, the fee relating to the kind of appointment to which the application relates as specified in the Second Column of Part I of the Schedule.

(3)Where a restoration of a name to the Agents Register, Managers Register or Brokers Register or the Agents List, Managers List or Brokers List, is made by order of the Tribunal, the fee payable in respect of that restoration shall not apply. Payment of annual supervisory fee for registration, enrolment and permit. Amended by: L.N. 240 of

2. Any person who, on the 31st December of each year, holds a permit of a kind specified in Part II of the Schedule, or whose name, on that date, appears in the Agents Register, Managers Register or Brokers Register or the Managers List, the Tied Insurance Intermediaries List or the Ancillary Insurance Intermediaries List, shall, during the month of January of the following year, pay to the competent authority the fee relating to the annual supervisory fee for the kind of permit held by the person, or the registration or enrolment of the person, specified in Part II of the Schedule: Provided that, the first annual supervisory fee shall be due immediately once a permit, registration or enrolment, as the case may be, is granted. The first annual supervisory fee payable shall be equal to a proportion of the fee established in the Second Column of Part II of the Schedule. The fee payable shall be proportionate to the period remaining between the date of the INSURANCE DISTRIBUTION (FEES) [ S.L.487.03 3 granting of the permit, registration or enrolment, as the case may be, and the end of that calendar year.
3. When the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities are forwarded to the competent authority, in accordance with article 25 of the Act, an enrolled person shall pay to the competent authority the fee specified in the Second Column of Part III of the Schedule, according to the amount of its gross commissions receivable for the latest calendar year reported: Provided that, the first annual supervisory fee shall be due immediately once an enrolment is granted and shall be equal to a proportion of the minimum fee established in the Second Column of Part III of the Schedule. The first annual supervisory fee payable shall be proportionate to the period remaining between the date of g r a n t i n g o f t h e e n r o l m e n t a n d t h e d a t e e s t a b l i s h e d for the submission of the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities. 6.

(1)Where an application is submitted by a company to carry out insurance distribution activities or reinsurance distribution activities, which will,, when formed or constituted, be enrolled or, when converted, is a company enrolled in the Managers List or Brokers Li st in t erms of art icle 13 of t he Act, or where an application is submitted for the creation of a new cell pursuant to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, the applicant shall upon submission of the application, irrespective of whether the application is eventually accepted or not, pay to the competent authority the fee relating to the kind of enrolment, to which the application relates specified in the Second Column of Part I of the Schedule.

(2)In the case of a person enrolled in the Brokers List, when the statements relating to the business of insurance distribution activities and, or reinsurance distribution activities are forwarded by the cell company in accordance with article 25 of the Act, there shall be paid by the said cell company to the competent authority the fee specified in the S econd Colum n of Part I II of the S chedule according to the amount of the gross commissions receivable by the cell company, including commissions receivable by the cells.

(3)In the case of a person enrolled in the Managers List, during the month of January of the following year, the insurance manager shall pay to the competent authority the fee relating to the annual supervisory fee for the kind of enrolment of the person, specified in the Second Column of Part II of the Schedule: Provided that, the first annual supervisory fee shall be due immediately once an enrolment is granted and shall be equal to a proportion of the fee established in the Second Column of Part II of the Schedule. The first annual supervisory fee payable shall be proportionate to the period remaining between the date of enrolment and the end of that calendar year. Payment of submission of statements of business of insurance or reinsurance distribution activities fees. Amended by: L.N. 240 of 2018. Fees payable by cell companies. Amended by: L.N. 240 of 2018. S.L. 386.10 4 [ S.L.487.03 Fees payable by European intermediaries. S.L. 487.07 Amended by: L.N. 240 of 2018. INSURANCE DISTRIBUTION (FEES) 7. There shall be paid to the competent authority by any European intermediary establishing a branch i n Mal ta u nd er regulation 3 of the the European Passport Rights for Intermediaries Regulations an annual supervisory fee as specified in the Second Column of Part II of the Schedule: Provided that the first annual supervisory fee shall be due immediately once a branch is established and shall be equal to a proportion of the fee established in the Second Column of Part II of the Schedule. The fee payable shall be proportionate to the period remaining between the date of the establishment of the branch and the end of that calendar year. Thereafter, the annual supervisory fee shall be paid during the month of January of each year. Non-refundable fees. 8. None of the fees established as due in terms of these regulations shall be refundable. Nor shall they be prorated, other than the first annual supervisory fee as established in regulations 4, 5, 6 and 7. INSURANCE DISTRIBUTION (FEES) Amended by: L.N. 240 of 2018. [ S.L.487.03 SCHEDULE (Regulations 3, 4, 5, 6 and 7) Registration, Enrolment, Permit and Annual Supervisory Fees Part I Registration, Enrolment and Permit Application Fees First Column 1. Registration of a person in the Agents Register, Managers Register or Brokers Register 2. Enrolment of a person in the Agents List, or Brokers List 3. Enrolment in the Agents List in additional long term or general business classes for the same insurer 4. Enrolment of a person in the Managers List 5. Enrolment of a person in the Tied Insurance Intermediaries List (

1. a)in the case of a person who is an individual, if the enrolment is to carry out tied insurance intermediaries activities (
2. i)in the class or classes of long term business or the class or classes, or group or groups of classes of general business (
3. ii)in the class or classes of long term business and the class or classes, or group or groups of classes of general business (iii) in additional class or classes of long term business (
4. iv)in additional class or classes, or group or groups of classes of general business (
5. v)in class or classes of long term business in addition to class or classes, or group or groups of classes of general business in respect of which the individual is already enrolled (
6. vi)in class or classes, or group or groups of classes of general business in addition to class or classes of long term business in respect of which the individual is already enrolled (
7. b)in the case of a person who is not an individual, if th e en ro l m en t is t o ca rr y o u t t ie d in su r anc e intermediaries activities (
8. i)in the class or classes of long term business or the classes or classes, or group or groups of classes of general business Second Column € 175 1,300 650 1,200 300 400 100 100 100 100 300 and 300 in respect of every business premises 5 6 [ S.L.487.03 INSURANCE DISTRIBUTION (FEES) (
9. ii)in the class or classes of long term business 450 and 300 in and the class or classes, or group or groups respect of every of classes of general business business premises (iii) in additional class or classes of long term 150 business (
10. iv)in additional class or classes, or group or 150 groups of classes of general business (
11. v)in class or classes of long term business in 150 addition to class or classes, or group or groups of classes of general business (
12. vi)in class or classes, or group or groups of 150 classes of general business in addition to class or classes of long term business 6. Enrolment of a person in the Ancillary Insurance Intermediaries List (
13. a)in the case of a person who is an individual 300 (
14. b)in the case of a person who is not an individual 300 and 300 in respect of every business premises 7. Restoration of a name (
15. a)in the Agents Register, Managers Register, Brokers 175 Register (
16. b)in the Agents List, Managers List, Brokers List 1,200 8. Permit (
17. a)to open a branch 300 per branch 1,500 (
18. b)to cease to carry out insurance distribution activities or reinsurance distribution activities, other than tied insurance intermediaries activities and ancillary insurance intermediary activities 250 (
19. c)to carry out any insurance distribution activity or reinsurance distribution activity prescribed by any regulation made under the Act unless the fees payable in respect of that activity are not otherwise prescribed by that regulation 9. Registration of an underwriting agreement 300 10. Appointment of a person enrolled in the Agents List 800 11. Appointment of a person enrolled in the Managers List 650 12. Cell company - enrolment in the Managers List or 2,000 Brokers List 13. Creation of a new cell within a cell company enrolled 1,500 in the Managers List or Brokers List INSURANCE DISTRIBUTION (FEES) [ S.L.487.03 7 Part II Annual Supervisory fees of registration, enrolment and permit First Column 14. Second Column € Annual supervisory fee of 200 (
20. a)registration of a person in the Agents Register, Managers Register or Brokers Register (
21. b)enrolment of a person in the Managers List (other 750 and 450 per than a cell company) appointment (
22. c)enrolment of a cell company in the Managers List 1,700 (
23. d)each cell created 1,100 (
24. e)enrolment of a person in the Tied Insurance Intermediaries List: (
25. i)in the case of a tied insurance intermediary who is an individual if the enrolment is to c a r r y o u t t i e d i n s u r a n ce i n t e r m e d i a r i e s activities 300 (
26. aa)in the class or classes of long term business or the class or classes, or group or groups of classes of general business 400 (
27. bb)in the class or classes of long term business and the class or classes, or group or groups of classes of general business (
28. ii)in the case of a tied insurance intermediary who is not an individual if the enrolment is to carry out tied insurance intermediaries activities 300 and 300 in (
29. aa)in the class or classes of long term respect of every business or the class or classes, or group or groups of classes of general business premises business (
30. bb)in the class or classes of long term 450 and 300 in business and the class or classes, or respect of every group or groups of classes of general business premises business (
31. f)enrolment of a person in the Ancillary Insurance Intermediaries List (
32. i)in the case of a person who is an individual 300 (
33. ii)in the case of a person who is not an 300 and 300 in respect individual of every business premises (
34. g)permit: (
35. i)to maintain a branch 300 per branch 8 [ S.L.487.03 INSURANCE DISTRIBUTION (FEES) (
36. ii)to run-off insurance distribution activities, other than tied insurance intermediaries activities and ancillary insurance intermediary activities (iii) to carry out any insurance distribution activity or reinsurance distribution activity prescribed by any regulation made under the Act unless the fees payable in respect of that activity are not otherwise prescribed by that regulation (
37. h)registration of underwriting agreements (
38. i)Branch in Malta by any European intermediary 1,500 250 200 300 per branch Part III Annual supervisory fees for persons required to submit insurance intermediaries statements First Column Gross commissions receivable € Up to and including €250,000 Over €250,000 up to and including €750,000 Over €750,000 up to and including €1 million Over €1 million Second Column Fee € 2,000 (minimum fee) 3,000 4,000 7,000