Gibraltar: A Thriving Hub for Financial Services

Gibraltar has become an attractive destination for companies in the financial services sector, especially banking and insurance. With over £7 billion of insurance premiums written in 2022, Gibraltar plays a significant role in the UK’s insurance market. This British territory has established itself as an innovative and well-regulated financial center of excellence.

One of the key factors that make Gibraltar enticing is its insurance sector. The Gibraltar Financial Services Commission (GFSC) supervises various entities, including open market insurers, captives, intermediaries, MGAs, and Insurtech firms. The GFSC is known for its collaborative approach and deep understanding of the business needs of the companies under its supervision. It applies international standards while enabling a speed-to-market approach for license applicants. Compared to larger jurisdictions, Gibraltar offers shorter licensing timeframes, making it an ideal choice for market entrants.

Moreover, Gibraltar possesses a unique advantage. GFSC authorized firms can directly passport their services into the UK market, thanks to the ‘single-market’ access arrangements between Gibraltar and the UK. Such a capability is unparalleled by any other country or overseas territory.

In addition to its regulatory environment, Gibraltar boasts highly experienced insurance managers who provide comprehensive support to insurers, intermediaries, and MGAs. These managers offer compliance, accounting, and other essential services that attract new insurance start-ups and insurtechs seeking assistance in license applications and ongoing operational support.

When it comes to the regulatory framework, the GFSC supervises all insurers in Gibraltar based on the Financial Services Act 2019 (FSA). Under the FSA, (re)insurers must obtain permission from the GFSC to undertake regulated activities. Once authorized, insurers are subject to the provisions of the FSA, insurance regulations, and cross-sectoral legislation. The Financial Services (Insurance Companies) Regulations 2020 (IC Regulations) further govern the prudential, conduct, and other business aspects of (re)insurance companies in Gibraltar.

Obtaining authorization from the GFSC depends on the quality of the application. However, it is possible to receive permission within a year or two, significantly faster than comparable processes in other jurisdictions. The GFSC is also working on streamlining its application and authorization process to provide an even more efficient experience for applicants.

Foreign ownership of Gibraltar-based insurers is generally unrestricted under local laws. However, anyone seeking to acquire control over a Gibraltar insurer must obtain approval from the GFSC, regardless of nationality or domicile.

Operating without the required permission in Gibraltar is prohibited under the FSA. Violation of this general prohibition is a criminal offense, punishable by imprisonment or fines, depending on the severity of the offense.

With its robust regulatory environment, collaborative approach, and advantageous passporting capabilities, Gibraltar continues to thrive as a leading hub for financial services, particularly in the insurance sector. Its attractive business opportunities, supportive infrastructure, and shorter licensing timeframes make it an ideal location for companies looking to establish a strong presence in the market.

Une section FAQ basée sur les principaux sujets et informations présentés dans l’article :

1. Quel rôle Gibraltar joue-t-il sur le marché de l’assurance au Royaume-Uni ?
Gibraltar joue un rôle important dans le marché de l’assurance au Royaume-Uni, avec plus de 7 milliards de livres sterling de primes d’assurance souscrites en 2022.

2. Quelles entités sont supervisées par la Gibraltar Financial Services Commission (GFSC) ?
La GFSC supervise différentes entités telles que les assureurs du marché ouvert, les captives, les intermédiaires, les MGAs et les entreprises Insurtech.

3. Quel avantage unique Gibraltar offre-t-il aux entreprises autorisées par la GFSC ?
Les entreprises autorisées par la GFSC peuvent directement proposer leurs services sur le marché britannique grâce à un accès “single-market” entre Gibraltar et le Royaume-Uni.

4. Quels services sont proposés par les gestionnaires d’assurance expérimentés à Gibraltar ?
Les gestionnaires d’assurance expérimentés à Gibraltar offrent un soutien complet aux assureurs, intermédiaires et MGAs, notamment en matière de conformité, de comptabilité et d’autres services essentiels.

5. Quelles lois régissent les assureurs à Gibraltar ?
Les assureurs à Gibraltar sont réglementés par la Gibraltar Financial Services Commission (GFSC) en vertu de la Financial Services Act 2019 (FSA) et des Financial Services (Insurance Companies) Regulations 2020 (IC Regulations).

6. Combien de temps faut-il généralement pour obtenir une autorisation de la GFSC ?
Il est possible d’obtenir une autorisation de la GFSC dans un délai d’un an ou deux, ce qui est considérablement plus rapide que dans d’autres juridictions comparables.

7. Quelles sont les conséquences de l’exploitation sans autorisation à Gibraltar ?
L’exploitation sans autorisation à Gibraltar est interdite en vertu de la Financial Services Act 2019 (FSA) et peut entraîner des poursuites pénales, avec des peines d’emprisonnement ou des amendes, selon la gravité de l’infraction.

Définitions des termes clés ou jargon utilisés dans l’article :

1. GFSC – Gibraltar Financial Services Commission. La Commission des services financiers de Gibraltar est l’autorité de régulation des services financiers à Gibraltar.

2. Insurtech – Une combinaison des mots “assurance” et “technologie”, se référant aux entreprises qui utilisent la technologie pour transformer et améliorer l’industrie de l’assurance.

Liens connexes suggérés vers le domaine principal (pas les sous-pages) :

1. Site Web de la Commission des services financiers de Gibraltar – Commission des services financiers de Gibraltar.

2. Site Web du gouvernement de Gibraltar – Finance sector information – Informations sur le secteur financier de Gibraltar sur le site Web du gouvernement de Gibraltar.