HM Government of Gibraltar has introduced the Financial Services (Specified EEA Insurers) (Temporary Exemption) Regulations 2020. The Regulations, which come into force at the end of the current EU transition period, will allow specified EEA insurers to continue servicing the Gibraltar market.
Subject to meeting the criteria prescribed by the Regulations, EEA insurers will be able to apply for a temporary exemption from the Gibraltar Financial Services Commission (GFSC) to carry on specified insurance activity in Gibraltar. Specified insurance activity under these Regulations denotes any regulated insurance activity of a kind that the GFSC considers has, or would be likely to have, the effect in Gibraltar of enhancing competition in the provision of insurance and increasing choice for consumers.
The official announcement from HM Government of Gibraltar states that a long-term legal framework for EEA insurers will replace these temporary arrangements during the course of 2021. In addition, the Government has restated the position regarding continued access for United Kingdom based insurers and insurance intermediaries to the Gibraltar market.
Isolas Partner, Christian Caetano, commented: "These Regulations reflect the swiftness with which the jurisdiction is able to adapt to the needs of its market participants and stakeholders. As with past measures introduced to protect the financial services sector, the collaboration of Government, local industry and the GFSC has enabled the speedy drafting of legislation designed to protect the interests of consumers."
To read the full Regulations visit: https://www.gibraltarlaws.gov.gi/uploads/legislations/financial-services/2020s416/2020s416.pdf
For any enquiries in relation to the above, please contact Partner, Christian Caetano, christian.caetano@isolas.gi
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