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  • a sound business plan (including satisfactory reinsurance arrangements) and adequate financial resources to support it
  • fit and proper people at all levels
  • management with adequate experience of the business which is to be underwritten
  • appropriate systems of control.


Applications are made to the Commissioner of Insurance on one of the forms set out in the Insurance Companies (Prescribed Particulars) Regulations, which contains questions as to shareholding structure, controllers of the company, financial resources, business plan and reinsurance arrangements. An application fee of £500 is payable.


Every licensed insurer which has its Head Office in Gibraltar must, at all times, maintain free assets to cover a required minimum margin in respect of its entire business. This will be the greater of either the solvency margin as calculated, or the Minimum Guarantee Fund as laid down in the legislation.

In general terms the solvency margin for general business is either 18% of the annual amount of premiums (premium basis) or 26% of the average amount of claims for the previous 3 years (claims basis).

The minimum guarantee fund varies according to the type and class of insurance business for which authorisation is sought. For general business this ranges from 200,000 to 400,000 ECU's.


No minimum share capital is specified in the legislation - the level will be dictated by solvency margin requirements.


There is no requirement to hold assets in Gibraltar.

There is no requirement for the investment managers to be based in Gibraltar.


Any insurer not wishing to have its own local management presence can avail itself of indigenous insurance company management facilities.

Insurance company management is licensed by the FSC, and is a well-established and growing professional discipline in Gibraltar.


The annual licence fee is £2,000.


Anthony Fisher

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

Tel No: + 350 50011
Fax No: + 350 47677
E-mail:  Click Contact Link 

Website:  Click Contact Link 

You may also wish to read through related material on business and finance in Gibraltar provided by the Gibraltar Finance Centre.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.