Art. 12 Investments. — XVII tal-1981 – Att tal-1981 dwar l-Impriża ta' l-Assigurazzjoni

(l) A liCellsed company actlng as principal sha11 not make

any investment or enter into any transaction which is a prohibited invest­

ment or a prohibited transaction.

(2)

The fol1owing

are prohibited

investments

or transac-

tions

(a) loans to any one person in excess of twenty-five per cen­

tum of the total admissible assets of the company as certified by

its auditors in the 1ast published accounts;

(b)

10ans against the security of the company's own shares;

loans which are not adequate1y secured or which are not

(c)

secured as may be prescribed;

(d)

investments in equities or other shares, or in debentures

or bonds, in or of any one company or institution, in excess of ten

per centum, 01' such other applicable percentage as the Minister

may, from time to time, and either generally or specifically or by

refcrence to a c1ass, approve, of the total admissible assets of the

company as certified by the auditors of the company in its 1ast pub­

lished accounts;

(e)

investments in immovable or movable property prohi­

bited by regulations made under this Act or made in excess of

the amounts prescribed;

(f)

investments in foreign currencies, or in assets expressed

in such currencies, in ex cess of such amounts and in C'ontravention

of such provisions as may be prescribed;

(g)

any

other

investment

or

transaction

as

may

be

prescribed.

(3) Any prohibited investment and any proħibited transac­

tion made or entered into by a licensed company sha11 be nu11 and

void, and it sha11 be the duty of the company to take such steps as may

be necessary to restore the "status quo ante".

← Art. 11 lnadmissible assets. ATT Nru. XVII ta' 1-1981 ACT Na. XVII of 1981 AN ACT .enacted by the Parliament ATT maħruġ b'liġi Art. 13 Reserves of insurance companies. →