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
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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