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Gibraltar’s insurance sector has, in recent years, seen the fastest growth of all financial services in Gibraltar. With the number of licensed insurance operations (as at March 2009) standing at 103 (63 in companies and 40 in protected cell company vehicles) Gibraltar is now firmly established as a mainstream insurance domicile within the European Union. Gibraltar’s transition to a low tax jurisdiction (corporate tax rate of 10% from 1 January 2011 and which is applicable now for new start ups) coupled with its’ robust regulatory environment (Gibraltar is a member of the EU having joined with the United Kingdom and is required to implement all EU Directives) places Gibraltar in a good position to attract new quality business. Insurance business conducted in Gibraltar is governed by the provisions of the Financial Services (Insurance Companies) Act, and by rules and regulations made thereunder. Legislation has been put in place to implement all EU directives which apply to this sector. Insurance business in Gibraltar is licensed and controlled by the Commissioner of Insurance (who is also the Chief Executive Officer of the Financial Services Commission) and is responsible for administering the Act and its Regulations. The day-to-day supervision is carried out by the Head of Insurance Supervision. In 1997 the United Kingdom government agreed that Gibraltar had implemented the necessary standards of supervision and regulation of insurance companies which matched UK practice. This paved the way for Gibraltar to take advantage of the Single European Passport for insurance. The passport allows Gibraltar licensed insurance companies, with the approval of the Commissioner of Insurance, to do business in EEA states either by setting up a branch in those states or by providing insurance from Gibraltar to residents of those states. Gibraltar possesses local insurance expertise together with a well-developed legal, accounting and banking infrastructure.
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