Redomicilation

A company licensed in another jurisdiction to carry out any insurance business may be authorised to continue as a company formed or registered in Malta.

The Insurance Business (Continuance of Companies Carrying on Business of Insurance) Regulations, 2003 provide that the MFSA may authorise such companies to re-domicile to Malta and operate under Maltese insurance legislation if they originate from an approved jurisdiction.

Prior to applying for such authorisation, such company must first approve such continuance by a corporate decision which is valid under the laws of its country of origin and that would be equivalent to an extraordinary resolution under Maltese law.

The requirements in such cases include the drawing up of an instrument of continuance and delivery of this document to the Registrar of Companies together with a copy of the Memorandum of Association or deed of partnership or equivalent instrument by which the continuing company was constituted in the country of origin.

The company would still be subject to the application process and the subsequent authorisation by the MFSA to carry on insurance business.

Upon acceptance and registration of these instruments and upon MFSA authorisation under the relevant Maltese insurance laws, such company shall cease to be a body corporate under its previous jurisdiction and shall continue its corporate existence under the laws of Malta. This regulation enables the company to avoid the winding down process in its current jurisdiction before redomiciliation can take place.

The company will retain all its assets, rights and liabilities as a company otherwise formed and registered under the Companies Act and authorised under Maltese insurance legislation.