ISOLAS contribute Gibraltar Insurance Guide
Christian Caetano, one of ISOLAS Senior Associates, and an insurance law specialist, has written the recently published ‘Gibraltar Insurance Guide’ which is part of the Thomson Reuters Country Guides Series. The Country Guide Series forms part of Thomson Reuters’ Regulatory Intelligence resource, and is practical guidance on a range of legal areas from regulatory compliance experts around the world. The Gibraltar Insurance Guide provides a general overview of the jurisdiction’s Solvency II compliant regulatory framework, as well as highlighting Gibraltar’s USPs, such as a 10% corporate tax rate, speed to market, and accessibility to a skilled and pragmatic regulator in the form of the Gibraltar Financial Services Commission (GFSC).
Christian explained that “Having previously collaborated with Thomson Reuters on the Gibraltar chapter of the Insurance and Reinsurance Law and Regulation Jurisdictional Comparison, we were very pleased to be approached to contribute this Gibraltar Insurance Guide. Despite the uncertainty stemming from the UK’s European Union Referendum, we continue to see interest in the establishment of Gibraltar insurers as well as in Gibraltar itself. I am confident that, whatever the final shape of a ‘Brexit’ may be, Gibraltar’s resilient and most of all, innovative, financial services and insurance industry will adapt and continue to prosper.”
The guide also highlights Gibraltar’s protected cell legislation and summarises the Legislative Reform Programme (LRP). The LRP is a joint project by HM Government of Gibraltar and the GFSC to deliver a streamlined legislative and regulatory framework for financial and professional services in Gibraltar. The LRP will consolidate more than 80 different pieces of existing legislation and multiple guidance notes into one single act and an accompanying regulatory handbook.
Christian continued “Having formed part of the LRP on a secondment basis, it is clear to me that the LRP comprises the most significant piece of legislative reform in the history of Gibraltar’s financial services industry. Indeed, the initiative has been generally welcomed by the industry as it will simplify existing legislation and enhance, even further, the speed at which all stakeholders, including the GFSC, will be able to communicate with each other. Gibraltar already boasts one of the shortest insurance application authorisation periods in Europe, so any further improvements to the jurisdiction’s speed of access will undoubtedly make Gibraltar even more attractive, both for existing and new business entrants."
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