ISOLAS LLP Partner, Christian Caetano, a specialist in insurance and financial services has once again contributed to Thomson Reuters Regulatory Intelligence, a platform that provides regular updates on regulation and compliance.
Christian has written the Chapter on insurance in Gibraltar, with a particular focus on Brexit and issues regarding continued access to the UK market for Gibraltar based insurance firms. The Chapter also outlines licensing and capital requirements for insurance companies, the Gibraltar Financial Services Commission’s (GFSC) application process, as well as the Legislative Reform Programme (LRP) and Financial Services Act 2019 expected to come into force before the end of the current year.
Christian commented as follows: “One of Gibraltar’s key strengths as a leading insurance market is its regulatory environment. This is in large part due to the GFSC, a robust and responsive regulator which offers a closer level of engagement with regulated firms than is possible in larger jurisdictions.
Gibraltar is a nimble and flexible jurisdiction with speed to market at the forefront of its offering. In this regard, the upcoming Financial Services Act 2019, a key constituent of the LRP, will provide a modern and more accessible legislative framework for the Gibraltar financial services sector.
In terms of the impact of Brexit, it is estimated that over 90% of Gibraltar’s insurance business is done with the UK and with continued access to the UK market now guaranteed for Gibraltar financial services firms, Gibraltar is an attractive and unique domicile for insurance businesses focused on the UK market.”
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 here: http://go-ri.tr.com/uVQX7s