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Gibraltar Insurance Law & Regulations
Gibraltar is a self-governing overseas territory and is a separate jurisdiction within the European Union with its own financial services regulator, the Gibraltar FSC.
Gibraltar joined the European Union with the United Kingdom in 1973. It is not a separate Member State, but falls under Article 299(4) of the Treaty of Rome, which applies “to the European territories for whose external relations a Member State is responsible”. The UK is ultimately responsible for Gibraltar’s obligations at an EU level.
Insurance companies in Gibraltar are regulated by the FSC by virtue of the Insurance Companies Act 1987 and other supplementary regulations. Insurers therefore have to comply with all EU law but can take advantage of the 3rd Life and Non-Life Directives. An insurance company registered in Gibraltar can underwrite risks in other Member States within the EU on a ‘provision of services’ or ‘establishment’ basis under a single licence issued by the Home State regulator – the FSC. This facility to insure risks in other Member States is often called “passporting”.
Gibraltar is well placed to benefit from the single market in insurance.
