The Insurance Companies Ordinance 1987 and supporting Regulations.
DOUBLE TAXATION TREATIES
- None.SUPERVISORY AUTHORITY
The Gibraltar Financial Services Commission.
REGISTRATION AND INCORPORATION FEE
- Annual Filing Fee of £26.
- Application Fee £500.
- Annual Fee £2000.
INVESTMENT RESTRICTIONS
Admissibility limits based on UK practice.
CAPITALISATION
Minimum of £1,000 at incorporation. Minimum Guarantee Fund to be in accordance with EU requirements;
- Life Business ECU800,000
- Non-Life ECU200,000 to ECU400,000 according to classes undertaken.
LOCAL TAXES
3 Options available:
- Nil tax subject to payment of £225 Exempt Company Fee;
- 0% to 35% for qualifying company;
- Full local Corporation tax 35%
LOCAL OFFICE REQUIREMENTS
- Minimum of one shareholder.
- Minimum of three directors.
MINIMUM SOLVENCY MARGIN
18% of net premium or 26% of average annual claims (after 3 years) multiplied by the ratio of claims net of reinsurance to gross claims (min 50%)
REPORTING REQUIREMENTS
Annual audited accounts to be submitted within six months of the year end together with a copy of the Actuary's Report and statutory.
OFFICIAL CONTACT AND ADDRESS
Financial Services Commission PO Box 940 Gibraltar Tel No: + 350 40283 Fax No: + 350 40282 Web Site: Click Contact Link
CONTACTS
Anthony Fisher Finance Centre Development Director Department of Trade & Industry Government of Gibraltar Suite 771, Europort Gibraltar Tel No: + 350 50011 Fax No: + 350 47677 E-mail: Click Contact Link Website: Click Contact Link
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