Gibraltar has introduced new legislation for a “dual” captive regime, later this year. This is in response to the insurance industry's request for greater flexibility for captive insurance.
The proposed regime is being spearheaded by Minister for Financial Services Nigel Feetham, who was elected on 12 October.
In recent years, Gibraltar has attracted re-domiciliation of foreign insurers. Gibraltar Finance says: “This demonstrates Gibraltar's appeal as an insurance domicile.”
The Gibraltar Financial Services Commission is also witnessing its highest volume of insurance applications in the past decade.
Startup Grind Gibraltar will be hosting an insurance conference in Gibraltar on 25 January 2024 at the 5-star Sunborn Yacht Hotel.
Startup Grind is a global startup community, powered by Google, for entrepreneurs. Gibraltar became a part of the organisation in 2017 led by chapter director Denise Matthews.
Commenting on the proposal, Feetham says: “This legislative development is a testament to the jurisdiction's commitment to fostering innovation and remaining relevant in a competitive global insurance market.”
