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All Community law relating to insurance is in place in Gibraltar. The Gibraltar Government has passed into its laws the Life and Non-Life Insurance Directives and ancillary legislation.

The conduct of insurance business in Gibraltar is regulated by the Insurance Companies Ordinance 1987 and its subsidiary legislation. The framework it lays down implements the Life and Non-Life Insurance Directives and fully matches UK standards in EEA non-life and life insurance directives.

The 1989 Financial Services Ordinance allows for regulation of "investment business" and "controlled activities" by the Financial Services Commission, which includes insurance company managers and insurance brokers.


Greater emphasis is placed on overall financial supervision and fitness matters.

The regulatory regime governing insurance business in Gibraltar concentrates mainly on ensuring that insurance companies:

  • Are licenced to carry on an insurance business
  • Have fit and proper controllers, directors and managers
  • Are soundly and prudently run, with appropriate systems
  • Have sufficient resources to cover their liabilities to policy-holders, including a margin of solvency
  • Provide annual financial information to the regulator
  • Are sufficiently open in the information they provide publicly to enable policyholders, with help from their financial advisers, to form a reliable view of their financial strength, and to know who controls the company
  • Maintain a prudent spread of appropriate investments.


The Financial Services Commission is a statutory body corporate established by the Financial Services Commission Ordinance 1989. It consists of the Commissioner, as Chairman and seven other persons, four of whom shall have relevant experience in the United Kingdom and three of whom shall have relevant experience in Gibraltar. The Commissioner is appointed by the Governor, acting with the approval of the UK's Foreign and Commonwealth Secretary, and the other members are appointed by the Governor, acting with the approval of the Foreign and Commonwealth Secretary, after consulting with the Commissioner.

As mentioned above the Financial Services Commission ("FSC") is the body in Gibraltar that regulates the establishment and ongoing activities of insurance companies, and indeed all organisations within the Gibraltar finance sector. This includes insurance company managers, as well as non-insurance related activities such as banking, investment advisors and company managers, to name but three.

The FSC is presided over by the Commissioner, John Millner, who also carries the title Commissioner of Insurance and has the ultimate responsibility for authorising and supervising insurance companies in Gibraltar, and for applying any discretionary powers provided in the legislation.

The Insurance Supervisor, Jim Costin, has day-to-day responsibility for licensing, supervision and regulation of insurance companies, and provides support to the Commissioner on these matters, together with those relating to the licensing and supervision of insurance company managers.

The Assistant Insurance Supervisor, Norman Ritchie, has been responsible for the Financial Services Commission's detailed input into the legislation giving effect to the insurance directives. He also has special responsibility for the scrutiny of Insurer's accounts and returns.


Anthony Fisher

Finance Centre Development Director
Department of Trade & Industry
Government of Gibraltar
Suite 771, Europort

Tel No:  + 350 50011
Fax No:  + 350 47677
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Website:  Click Contact Link 

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