Since 2000, Gibraltar’s insurance industry has expanded from just 13 licensed insurers to the present 56 licensed insurers currently writing new business. In 2012, the total gross premium income written by insurance companies in Gibraltar was £3.8bn and these companies held assets of over £9.0bn.
Gibraltar’s EU membership provides passporting rights in insurance, insurance mediation and reinsurance across all 31 EU and European Economic Area (EEA) countries and access to a market of 500m people.
Gibraltar’s Financial Services Commission (FSC) is responsible for the licensing and regulation of insurance activity in Gibraltar and undertakes to process insurance company applications for authorisations in timeframes well below the statutory six-month requirement. The service level standard for insurance company applications is 18 weeks. There is a general consensus that the FSC is an accessible regulator and that requests for changes to a licensed insurance company’s business plan are reviewed in a timely manner, while always robust. As regulation becomes ever more onerous, and the industry demands swifter decisions in a competitive business environment, the ability to be able to access an insurance regulator is a key factor in the choice of an insurance domicile.
The Banking Sector
Gibraltar is a long established centre for international banking services, starting back in the 19th century when banks established on the Rock to service the demands of traders and international commerce at the entrance to the Mediterranean.
Nowadays our members, made up of large global institutions as well as specialist private and investment banks and building societies, are able to provide a breadth of modern day solutions to their clients’ needs in all areas of finance.
All our members are committed to compliance with the highest level of international and European rules and regulations regarding the business of Banking. To this end the GBA is in regular contact with the Gibraltar Financial Services Commission to co-ordinate and consult on the implementation of current and future regulations.
The Gibraltar Bankers’ Association has now been operating for over 30 years at a time when Gibraltar’s banking sector continues to be both prosperous and stable. We look forward to continuing to grow, building on solid foundations in partnership with the international financial community.
Source : http://www.gba.gi