Insurance regulatory specialist and ISOLAS LLP Partner, Christian Caetano, has once again contributed the Gibraltar Insurance Chapter to Thomson Reuters Regulatory Intelligence platform, providing an update on recent developments affecting Gibraltar’s insurance sector.
This year’s Gibraltar Chapter addresses some of the recent legislative changes affecting the local insurance industry, as well as ongoing developments in respect of the Gibraltar Authorisation Regime (GAR) regarding access to the UK market for Gibraltar insurers. More broadly, the Chapter outlines the key requirements of the Financial Services Act 2020 for potential insurance company applicants seeking to apply for Part 7 Permission from the Gibraltar Financial Services Commission (GFSC), together with applicable fees and capital requirements.
Christian commented as follows:
“It is with great pleasure that we have contributed the latest Gibraltar Chapter for Thomson Reuters Regulatory Intelligence Insurance Guide. As with recent years, 2022 has brought about a number of exciting developments within Gibraltar’s insurance industry. We continue to see interest from new market entrants to Gibraltar as a result of the ability of Gibraltar firms to passport services directly into the United Kingdom pursuant to these unique market access arrangements. Recent reports now estimate that in the region of 30% of all UK based motor insurance premiums are underwritten by Gibraltar insurers.
A key component of Gibraltar’s proposition continues to be the jurisdiction’s highly experienced and skilled insurance management firms which provide a broad range of operational, accounting and other functions to Gibraltar insurers and MGAs. In addition, as a nimbler jurisdiction, Gibraltar has the ability to quickly enact legislative changes in order to seek out new opportunities in this sector.
As the year progresses therefore, I am certain that Gibraltar will continue to enhance its insurance propositions in innovative ways, whilst is also cements its unique market access arrangements with the United Kingdom.”
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: http://go-ri.tr.com/rKTuiS and Christian may be reached directly on christian.caetano@isolas.gi
