The Gibraltar government working group has convened for the first time, marking a significant milestone in the implementation of a captive insurance regime. Nigel Feetham, minister for financial services, spearheaded the inaugural session. During the meeting, chaired by Feetham, the minister shared the government’s views on the captive legislation, laying the groundwork for further deliberations and refinements. The working group will collaborate closely with the Gibraltar Financial Services Commission (FSC). The establishment of a captive insurance regime represents a significant step forward for Gibraltar's financial services sector, says HM Government, demonstrating commitment to fostering innovation and competitiveness. Commenting on the proposed captive regime, Feetham says: “While it will initially sit outside the common market (GAR) arrangements with the UK, it could be possible, through this regime, to deliver on a common objective. “Through working closely with the UK government, within GAR, Gibraltar can facilitate the regulatory regime and the UK the expertise and professional infrastructure to make a successful Gibraltar-UK partnership.”
