ISOLAS LLP Partner and insurance specialist, Christian Caetano, has recently contributed to the 2024/2025 update of the Gibraltar Insurance Chapter within Thomson Reuters Regulatory Intelligence platform.
The Gibraltar Chapter addresses recent regulatory and legislative changes affecting Gibraltar's insurance and wider financial services industry, as well as ongoing developments in respect of the Gibraltar Authorisation Regime (GAR) regarding access to the UK market for Gibraltar insurers and other regulated firms. This includes a number of important updates to the Financial Services Act 2019, pursuant to the Financial Services (Amendment No.2) Act 2024 which, to a large extent, seeks to achieve the regulatory alignment for the purposes of the GAR.
In addition, the Chapter outlines some of the key requirements applicable to potential insurance company applicants seeking authorisation from the Gibraltar Financial Services Commission (GFSC), together with applicable fees and capital requirements. Christian provided the following comments in connection with the publication of the Gibraltar Chapter:
"I am very pleased to once again have been asked to contribute the Gibraltar Insurance Chapter for Thomson Reuters Regulatory Intelligence Insurance Guide. Gibraltar's insurance sector continues to thrive and recent reports now estimate that more than 35% of all motor premiums in the UK are underwritten by Gibraltar-based insurers. It is also estimated that gross written premium of more than £7 billion is now written by these firms. Other classes of business, including travel insurance and pet insurance are also experiencing notable growth locally.
Furthermore, the last year saw substantial M&A activity in respect of locally headquartered insurers, intermediaries and insurance mangers, as well as a number of newly authorised entities in Gibraltar (including entities redomiciling to Gibraltar). As ever, Gibraltar's speed-to-market, robust regulatory framework and ability for firms to passport services directly into the United Kingdom under unique market access arrangements make Gibraltar an extremely attractive proposition."
Thomson Reuters Regulatory Intelligence guides provide exclusive news, analysis, and practical guidance from a global team of regulatory compliance experts and journalists. The guide is available for subscribers only but Christian may be reached directly on christian.caetano@isolas.gi.