The government of Gibraltar has published its initial insurance-linked securities (ILS) guidelines with help from the island’s Financial Services Commission (FSC).
With the support and participation of ILS experts from around the world, the government has established a working group that has been providing industry expertise and feedback over recent months as the FSC has been finalising the ILS guidelines.
Gibraltar's ILS guidelines have been prepared to be fully Solvency II compliant based on the most up to date European Insurance and Occupational Pensions Authority (EIOPA) position.
Gibraltar plans to offer a new EU domicile for cat bonds, sidecars, collateralised reinsurance-based ILS transactions and has been working closely with industry professionals to ensure the guidelines and processes are fit for purpose.
The minister for Gibraltar’s financial services, Albert Isola, stated: "Gibraltar has a vibrant and growing insurance sector with some £3.6 billion of premium income in 2013. Last year the government set out to develop and attract new insurance activity to Gibraltar with the ILS sector being a serious target market.”
“I am most grateful to all those individuals and companies, from Gibraltar and abroad, that have invested significant time and provided invaluable input and know-how to the working group over recent months.”
“I am confident that, with their support and contribution, Gibraltar's ILS guidelines provide both the commercial and regulatory frameworks to enable ILS business to flourish from Gibraltar."
