Gibraltar Insurance Industry – Governance, Risk and Compliance
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The Gibraltar insurance market report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Gibraltar insurance industry?
The Gibraltar Financial Services Commission (GFSC) became the regulatory authority of the Gibraltar insurance industry in 1991. This was to ensure the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the guidelines stipulated in the Financial Services (Insurance Companies) Act 1987. The key piece of legislation governing the insurance industry in Gibraltar is the Financial Services Act, 2019.
What are the key types of licenses issued in the Gibraltar insurance industry?
The different types of insurance licenses issued in the Gibraltar insurance industry are long-term insurance license, general insurance license, reinsurance license, and license for intermediaries.
Long-term insurance license
A long-term insurance license can be issued for life and annuity, marriage and birth, linked long term, permanent health, tontines, capital redemption, pension fund management, group or collective insurance, and social insurance.
General insurance license
A general insurance license can be issued for health or sickness insurance, accident insurance, insurance against fire and other threats to property, other property insurance, motor vehicle insurance, motor vehicle liability insurance, railway rolling stock insurance, aircraft insurance, vessel insurance, travel insurance, goods-in-transit insurance, aircraft liability insurance, vessel liability insurance, general liability insurance, credit insurance, suretyship insurance, financial loss insurance, legal expenses insurance, and assistance insurance.
Reinsurance license
Unless restricted explicitly, reinsurance is permitted for insurance companies in classes for which the company is already authorized to carry out insurance.
License for Intermediaries
This insurance license is permitted for intermediaries, including agents and brokers.
Gibraltar insurance industry, by license type
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Which other key bodies oversee the Gibraltar insurance industry?
The key associations that oversee the Gibraltar insurance industry are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Gibraltar Insurance Association (GIA).
International Association of Insurance Supervisors (IAIS)
The IAIS, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants and international financial institutions. The primary objectives of the IAIS are to promote an effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe and stable insurance industries for the benefit and protection of policy holders.
European Insurance and Occupational Pensions Authority (EIOPA)
The EIOPA is a part of the European System of Financial Supervision. It is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system stability, maintain the transparency of the markets and financial products, and provide protection to policyholders, pension scheme members and beneficiaries of all EU member states.
Gibraltar Insurance Association (GIA)
The GIA was established in 1997 with the primary objective of providing a means for its members to maintain contact with each other at both professional and social levels.
Gibraltar insurance industry, by key bodies
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Market report scope
Key license types | Long-Term Insurance License, General Insurance License, Reinsurance License, and License for Intermediaries |
Key bodies | International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Gibraltar Insurance Association (GIA) |
This report provides detailed analysis of:
- The insurance regulatory framework in Gibraltar.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the state’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- Taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Gibraltar.
- Track the latest regulatory changes and expected changes impacting the Gibraltar insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
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Frequently asked questions
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What are the key license types in the Gibraltar insurance industry?
The different types of insurance licenses issued in the Gibraltar insurance industry are long-term insurance license, general insurance license, reinsurance license, and license for intermediaries.
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Which key bodies are overseeing the Gibraltar insurance industry?
The key associations that oversee the Gibraltar insurance industry are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Gibraltar Insurance Association (GIA).
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