The Gibraltar Financial Services Commission is a recognised National Competent Authority and, as such, we have consistently ensured that we comply with all EU directives and in particular that all of our insurance firms are regulated by professional and accessible supervisors to the standard required by EU Directives.
The capital requirements in Gibraltar under Solvency I were the same as those required in the rest of Europe, and, of course, Solvency II was implemented in Gibraltar with effect from 1 January 2016. Under Solvency II the same capital requirements apply across the whole of the European Economic Area (EEA) – ensuring that the capital ratios required in Gibraltar are as high as the UK and the rest of the EEA.
So why do insurers set up in Gibraltar? I’m a regulator, not a business person, so my perspective is purely from that angle. The feedback we get from new applicants is that one influence in their choice is ease of access to the regulator – if you email to ask for a meeting next week you will get a meeting next week, and with relevant, experienced regulators.
Another aspect is that we aim to say yes quickly, and no quickly. And if we say no, we say why we are saying no.
Once a firm is authorised, they will experience bespoke, professional supervision from us, and clear communication of anything we require.
I realise that regulation is just one aspect of any decision to locate, but regulation is part of financial services life. Professional and bespoke supervision appears to make a difference.
Kathryn Morgan, director of regulatory operations, The Gibraltar Financial Services Commission
article care ofhttp://www.insuranceage.co.uk/insurance-age/opinion/2456289/why-insurers-set-up-in-gibraltar?utm_medium=email&utm_campaign=IA.Breakfast_Briefing.DU.A.M-F0830&utm_source=IA.DCM.Scheduled_Updates&im_mfcid=2e8a1e834d389beecf25a1ee9d633d29 all rights are their’s.