Gibraltar is one of Europe’s premier jurisdictions for the establishment of insurance companies and insurance Intermediaries. Firms are attracted by a variety of fiscal and operational advantages, such as low rates of taxation, short licensing periods, no value added tax and a robust, yet responsive, regulator in the form of the Financial Services Commission.
One of the territories’ principal attractions is its membership of the European Union, by virtue of its special relationship with the United Kingdom. Gibraltar has implemented and gives effect to all relevant EU financial services directives, including insurance directives, meaning that Gibraltar insurers or intermediaries are able to “Passport” services on a cross-border basis (whether by way of freedom of services or establishment of a branch)throughout the entire EEA from their Gibraltar base.
ISOLAS offers procedural and technical expertise for prospective firms seeking to become licensed by the Financial Services Commission, guiding clients through every step of the Financial Services Commission’s formal application process, including advice on incorporation, mind and management and corporate governance. We also advise established firms on their ongoing regulatory, conduct of business and prudential requirements.
The firm is also active in the M&A space, having advised on both the acquisition and sale of various Gibraltar insurers. In addition, ISOLAS acted as legal advisors on the first ever portfolio transfer of long term insurance business undertaken by a Gibraltar insurer structured as a protected cell company (PCC) to be sanctioned by the Supreme Court of Gibraltar.
Our experienced team therefore has a breadth of experience in dealing with corporate, regulatory, property, employment and other issues arising from acquisitions, exits and changes in control within an insurance market context.
ISOLAS have also acted on the opening of winding-up proceedings for the purposes of Directive 2001/17/EC on the Reorganisation and Winding-Up of insurance undertakings in relation to a number of Gibraltar licensed insurers.
The insurance team contributed the Gibraltar chapter of the first edition of the Insurance and Reinsurance Law and Regulation Jurisdictional Comparison published by Thomson Reuters.
ISOLAS also contributed to the Gibraltar chapter of The Insurance and Reinsurance Law Review (2nd edition), published by Law Business Research.