CONTROL OF OFFSHORE INSURANCE BUSINESS [ S.L.330.02 1
SUBSIDIARY LEGISLATION 330.02
CONTROL OF OFFSHORE INSURANCE BUSINESS 
REGULATIONS
13th November, 1990
LEGAL NOTICE 185 of 1990.
Citation. 
Insurance Business Regulations.
Interpretation.
Cap. 330.
2. In these regulations, unless the context otherwise requires,
words and expressions used have the same meaning as is assigned
to them in the Malta Financial Services Authority Act, hereinafter
referred to as "the Act".
Application of 
Cap. 403 to 
insurance offshore 
companies.
3. The Insurance Business Act and any subsidiary legislation
made thereunder shall apply to insurance offshore companies as
they were in force on the 30th June, 1989, and any amendments to
the said Act or subsidiary legislation, and any subsidiary legislation
thereunder, made after the aforesaid date, shall apply only if, and to
the extent, that may be expressly provided therein.
Information to 
overseas 
supervisory 
authorities.
4. Notwithstanding any provision of the Act, the Authority
may pass information relating to the affairs of a insurance offshore
company or of an insurance broking offshore company to a
supervisory authority in a country or territory outside Malta for the
purpose of enabling or assisting it to exercise functions
corresponding to those of the Authority under the Act:
Provided that no such information shall be passed -
( a ) other than that which, in the opinion of the Authority,
it is necessary for the recipient authority to be aware of
in order to enable it to properly discharge its functions;
( b ) if it enables the recipient authority to identify a policy
holder or other customer or client;
( c ) unless the recipient authority is bound by its own rules
of confidentiality not to disclose the information to
any other person or authority, or otherwise gives a
prior written undertaking to the Authority that the
information is to be used for supervisory purposes
only and that it will not be passed to any other person
or authority;
( d ) except in pursuance of a formal decision of the
Executive Committee of the Authority given on the
filing of an application by the recipient authority.
