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Open a Company in the Insurance Sector in Gibraltar

Updated on Thursday 20th April 2017

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Open-a-company-in-the-insurance-sector-in-GibraltarThe financial industry is one of the most important sectors of Gibraltar’s economy. As a British territory with a special status within the European Union, Gibraltar offers a unique environment for financial companies operating here. Among these companies are insurance and reinsurance businesses which benefit from a solid legal framework.

The insurance industry in Gibraltar is supervised by the Gibraltar Insurance Association (GIA) which is also in charge with issuing the necessary licenses to operate in this sector. Our company registration agents in Gibraltar can offer information on the legislation related to the insurance sector in the Rock.

Registering a company in the insurance industry in Gibraltar

The Companies Act is the first law to comply with when opening a company in Gibraltar. The new Companies Law also applies in the case of insurance and reinsurance companies in Gibraltar and implies the following requirements:

  • -          choosing a company name;
  • -          registering a business address;
  • -          preparing the documents of incorporation;
  • -          propose a share capital;
  • -          prepare a business plan;
  • -          appoint key personnel for the insurance company.

All insurance and reinsurance companies must appoint a manager, a secretary, a lawyer, an auditor, a resident director, a banker and an actuary (where applicable).

Types of insurance companies in Gibraltar

The following types of companies are accepted by GIA for providing insurance and reinsurance services in Gibraltar:

  • -          intermediaries;
  • -          captives;
  • -          insurance management companies;
  • -          open market insurance companies;
  • -          protected cell companies.

Our company formation consultants in Gibraltar can explain the differences between these types of companies.

Intermediaries in the insurance sector in Gibraltar are comprised of insurance agents and brokers. Insurance agents can also act on behalf of foreign insurance companies offering their services in Gibraltar.

Services offered by insurance companies in Gibraltar

Companies or intermediaries operating in the insurance sector in Gibraltar may offer general insurance services which refer to non-life insurance products such as vehicle, car, home or travel insurances and it can also offer commercial insurance services for companies. The second type of service a company may offer is the life insurance one.

For full information on how to establish a company in the insurance industry, please contact our Gibraltar company formation representatives.

 

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