Insurance Distribution Rules issued under the Insurance Distribution Act (CAP. 487)

  Exercise of options under the Insurance Distribution Directive

  Introduction

  Table of Contents

PART A – Authorisation Requirements applicable under the Insurance Distribution Act

  Chapter 1: The Application Process of Insurance Agents, Insurance Managers and Insurance Brokers

  First Schedule – Application for registration of individuals in the Agents Register, Managers Register or Brokers Register

  Second Schedule – Application for enrolment in the Agents List, Managers List or Brokers List

  Third Schedule – Additional application details for enrolment in the Agents List or Managers List

  Fourth Schedule – Application for approval of a cell of a cell company enrolled in the Managers List or Brokers List to carry out insurance distribution activities and, or reinsurance distribution activities

  Fifth Schedule – Registration of individuals in the Agents Register, Managers Register or Brokers Register

  Sixth Schedule – Particulars of local intermediaries carrying out insurance intermediaries activities and, or reinsurance distribution activities

  Seventh Schedule – Particulars of foreign companies carrying on insurance intermediaries activities and or reinsurance intermediaries activities

  Notes to the Second Schedule, Third Schedule and Fourth Schedule

  APPENDIX I – Role of Compliance Officers

  APPENDIX II – Role of Money Laundering Reporting Officers

  Chapter 2: The Application Process of Tied Insurance Intermediaries and Ancillary Insurance Intermediaries

  First Schedule – Registration of persons carrying out tied intermediaries activities

  Second Schedule – Registration of persons carrying out ancillary intermediaries activities with an authorised undertaking

  Third Schedule – Registration of persons carrying out ancillary intermediaries activities with an enrolled insurance broker

  Fourth Schedule – Application for Persons to be entered in the Tied Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)

  Fifth Schedule – Application by a European Insurance Undertaking or an insurance intermediary registered under Article 3 of the Insurance Distribution Directive (Directive (EU) 2016/97) for enrolment of persons in the Tied Insurance Intermediaries List

  Sixth Schedule – Application for Persons to be entered in the Ancillary Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)

  Seventh Schedule – Application by an Insurance Broker enrolled under the Act for the enrolment of persons in the Ancillary Insurance Intermediaries List

  Eight Schedule – Application by a European Insurance Undertaking or an insurance intermediary registered under Article 3 of the Insurance Distribution Directive (Directive (EU) 2016/97) for enrolment of persons in the Ancillary Insurance Intermediaries List

  Ninth Schedule – Particulars of persons carrying out tied insurance intermediaries activities

  Tenth Schedule – Particulars of persons carrying out ancillary insurance intermediaries activities

  Chapter 3: Criteria of Fitness and Properness of Intermediaries

  ANNEX – Personal Questionnaire

  Chapter 4: Own Funds of Persons Enrolled in the Agents List, Managers List or Brokers List carrying out Insurance Distribution Activities and Reinsurance Distribution Activities

  SCHEDULE – Value of the Own Funds of Enrolled Persons and Share Capital of Enrolled Companies

PART B – Conditions for carrying out Insurance Distribution Activities and Reinsurance Distribution Activities

  Chapter 5: Criteria of Sound and Prudent Management

  Chapter 6: Knowledge and Ability

  Chapter 7: Continuous Professional Development

  Chapter 8: Monies held in a Fiduciary Capacity

  Chapter 9: Fidelity Bond

  Chapter 10: Information to be provided to the competent authority for Supervisory Purposes

  First Schedule – Business of Insurance Intermediaries Statement

  Second Schedule – Reports accompanying the Statements relating to the business of insurance distribution activities and, or reinsurance distribution activities

  Chapter 11: Provisions applicable to specific insurance and reinsurance intermediaries

  First Schedule – Business of insurance not subject to tied insurance intermediaries activities

  Second Schedule – Business of insurance not subject to ancillary insurance intermediaries activities

  Chapter 12: Issuing and Registration of Underwriting Agreements

  SCHEDULE – Registration Document – Application by an enrolled person for registration of an underwriting agreement under the Insurance Distribution Act

  Chapter 13: Computer Link Arrangements

  Chapter 14: Persons qualified to make use of the word “Insurance”

  Chapter 15: Introducers

  Chapter 16: Freedom of Establishment and Freedom to provide Services by a European Intermediary

  Annex 1 – Applicable Provisions for European Intermediaries Establishing a Branch in Malta in terms of Article 6 and 7 of the Insurance Distribution Directive

  Annex 2 – Applicable Provisions for European Intermediaries Providing Services in Malta through the freedom of Services in terms of Article 4 of the Insurance Distribution Directive