Isolas LLP Partner, Christian Caetano, has once again been asked to contribute the Gibraltar Insurance Chapter to Thomson Reuters Regulatory Intelligence platform, providing an update on the latest developments affecting Gibraltar’s insurance sector.
The Gibraltar Chapter addresses some of the recent legislative changes affecting Gibraltar’s insurance industry, as well as ongoing developments in respect of the Gibraltar Authorisation Regime (GAR) regarding access to the UK market for Gibraltar insurers and other regulated firms. More broadly, the Chapter outlines some of the key requirements of the Financial Services Act for potential insurance company applicants seeking authorisation from the Gibraltar Financial Services Commission (GFSC), together with applicable fees and capital requirements.
Christian commented as follows:
“I am very pleased to have been asked to contribute the Gibraltar Chapter for Thomson Reuters Regulatory Intelligence Insurance Guide. The past year has brought about a number of exciting developments within Gibraltar’s insurance industry, as well as more widely within the local financial services sector.
We also continue to see significant M&A activity within the insurance sector, as well as interest from new market entrants to Gibraltar. This is in no small part due to the ability of GFSC authorised firms to passport services directly into the United Kingdom pursuant to unique, bilateral, market access arrangements. It has also been widely reported that in the region of 30% of all UK based motor insurance premiums are now underwritten by Gibraltar insurers. Substantial growth is also being seen in other areas, such as travel insurance and pet insurance.
A key component of Gibraltar’s overall business proposition continues to be the jurisdiction’s extremely capable insurance management firms which can provide an array of operational, accounting and other functions to Gibraltar insurers, intermediaries and MGAs. The services offered by insurance managers should therefore attract particular interest from new start-ups and insurtechs.
Lastly, the Chapter covers Gibraltar’s ability to quickly enact legislative changes in order to seek out new opportunities. This includes the new Dual Captive Regime which His Majesty’s Government of Gibraltar is seeking to introduce shortly. Other exciting innovations in the sector are also expected over the coming months and years which, together with the anticipated implementation of the Gibraltar Authorisation Regime (GAR), will undoubtedly continue to cement Gibraltar as a stronghold for excellence in insurance and financial services.”
Thomson Reuters Regulatory Intelligence guides provide exclusive news, analysis, and practical guidance from a global team of regulatory compliance experts and journalists. The guide is available for subscribers only here, and Christian may be reached directly at email@example.com