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Gibraltar to Ease the Authorization of Third-Party Insurers

Written by: Bridgewest

Gibraltar-eases-authorization-process-for-insurance-companiesGibraltar has one of the strongest financial industries in Europe with the insurance and reinsurance sector registering the best results in the last few years. In order to maintain these positive outcomes, the government has decided to ease the regulations related to protected cell companies in the insurance and reinsurance sector underwriting other companies to offer the same services. Our company formation consultants in Gibraltar can offer information on the legislation applicable in the insurance and reinsurance industry.

Each application of insurance companies in Gibraltar will be treated individually

Gibraltar was one of the first independent territories to have its own legislation related to protected cell companies. This law dates back in 2001 and the government considered it was time to renew it in order to bring it up to date to the latest trends.

Considering most of the activities of protected cell companies in Gibraltar are related to the insurance sector, the government deemed it can relax the regulations for obtaining the license. In order to achieve that, the Financial Services Commission (FSC) will review each application separately and issue the authorization individually for each company. The business will be required to present a sound business plan and managers with a good conduct in order to receive the authorization from the FSC.

Our company registration agents in Gibraltar can assist investors who want to open insurance companies here.

The insurance sector expected to grow following this decision

Until recently protected cell companies in Gibraltar were restricted from contracting third-party insurers and captives for offering their services which has hampered the industry, however with this new regulation, the insurance sector is expected to grow “in a safe and robust manner”, according to the Minister for Commerce.

The decision is also expected to make Gibraltar more attractive for insurance-linked securities (ILS) businesses. The new regulations will allow ILS manager to open protected cell companies in Gibraltar and through them offer their services on international markets.

For assistance in starting a business in the insurance and reinsurance industry, please contact our Gibraltar company formation advisors.

 

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