ISOLAS LLP Partner, Christian Caetano, has once again contributed the Gibraltar Insurance Chapter to Thomson Reuters Regulatory Intelligence platform, providing an update on recent developments affecting Gibraltar's insurance sector. The Gibraltar Chapter addresses the impact of Brexit and the proposed Gibraltar Authorisation Regime (GAR), which will enable the continued, reciprocal access to the UK, and Gibraltar markets for insurance and other firms authorised in those jurisdictions. The Chapter also outlines licensing requirements for insurance companies, the Gibraltar Financial Services Commission's (GFSC) application process, as well as the recent implementation of the Legislative Reform Programme (LRP).
Christian commented as follows:
"It was a pleasure to be given the opportunity to continue contributing to Thomson Reuters Regulatory Intelligence Insurance Guide. This year has brought about extensive changes to Gibraltar's legislative framework through the completion of the LRP and enactment of the Financial Services Act 2019. We now have a more accessible and modernised framework for financial services firms which will undoubtedly increase the appeal for those thinking of doing business in Gibraltar or with Gibraltar firms.
Thomson Reuters subscribers will also benefit from a summary of the new long-term legal framework, to be known as the Gibraltar Authorisation Regime or 'GAR', that will provide for mutual market access between Gibraltar and the UK market. Coincidentally, the UK Financial Services Bill, under which the GAR will be established, had its first reading in the House of Commons on 21 October 2020. This follows a consultation paper on the GAR issued by HM Treasury earlier in the year.
Furthermore, one particular area of expected growth for the Gibraltar insurance sector is that of Managing General Agents (MGAs). In this regard, it is expected that Gibraltar will adapt its legislative framework to cater for the particular needs and requirements of MGAs, whilst still remaining in close regulatory alignment with the UK."
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 here: http://go-ri.tr.com/rKTuiS and Christian may be reached at christian.caetano@isolas.gi.
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