If appointed Gibraltar's Minister of Financial Services, Nigel Feetham will undertake a review of the feasibility for setting up a government-owned captive insurance company.
The captive will be the Gibraltar Insurance Company (GIC), regulated by the Gibraltar Financial Services Commission.
Feetham is a partner at Hassans International Law Firm, a role he has held since September 1993. Feetham has specialisms in the field of financial services regulation, particularly in the protected cell company space in Gibraltar and internationally.
His appointment by chief minister Fabian Picardo, is dependent on Feetham’s political party, the GSLP, winning re-election.
“The dual objective [of the review] would be to obtain the most competitively-priced insurance for the government and to address any public interest insurance needs linked to the government not available locally, such as travel insurance for our elderly citizens,” says Feetham.
In a statement published on Linkedin, Feetham also comments: “This initiative would not be in competition with the local insurance market, that’s why GIC is called a ‘captive’. I will also use this to showcase the post-Brexit piece of captive legislation I conceived. I have advised the government to implement.”
