Insurance Distribution Rules applicable as from 1st October 2018

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
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  • Third Schedule - Additional application details for enrolment in the Agents List or Managers List
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  • 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
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  • Fifth Schedule - Registration of individuals in the Agents Register, Managers Register or Brokers Register
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  • Sixth Schedule - Particulars of local intermediaries carrying out insurance intermediaries activities and, or reinsurance distribution activities
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  • 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
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  • APPENDIX I – Role of Compliance Officers
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  • APPENDIX II - Role of Money Laundering Reporting Officers
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    Chapter 2: The Application Process of Tied Insurance Intermediaries and Ancillary Insurance Intermediaries
  • First Schedule - Registration of persons carrying out tied intermediaries activities
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  • Second Schedule - Registration of persons carrying out ancillary intermediaries activities with an authorised undertaking
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  • Third Schedule - Registration of persons carrying out ancillary intermediaries activities with an enrolled insurance broker
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  • Fourth Schedule - Application for Persons to be entered in the Tied Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)
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  • 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
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  • Sixth Schedule - Application for Persons to be entered in the Ancillary Insurance Intermediaries List (in relation to local Insurance Undertakings or enrolled insurance agents)
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  • Seventh Schedule - Application by an Insurance Broker enrolled under the Act for the enrolment of persons in the Ancillary Insurance Intermediaries List
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  • 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
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  • Ninth Schedule - Particulars of persons carrying out tied insurance intermediaries activities
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  • Tenth Schedule - Particulars of persons carrying out ancillary insurance intermediaries activities
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    Chapter 3: Criteria of Fitness and Properness of Intermediaries
  • ANNEX - Personal Questionnaire
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    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
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    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
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  • Second Schedule - Reports accompanying the Statements relating to the business of insurance distribution activities and, or reinsurance distribution activities
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    Chapter 11: Provisions applicable to specific insurance and reinsurance intermediaries
  • First Schedule - Business of insurance not subject to tied insurance intermediaries activities
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  • Second Schedule - Business of insurance not subject to ancillary insurance intermediaries activities
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    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
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    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
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  • 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
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