Insurance & re insurance

With Insurance as the fastest growing sector of the Financial Services Industry, the effective implementation of relevant legislation is necessary to maintain Gibraltar's international repute. Gibraltar has therefore enacted legislation to comply with all EC Directives, including the Third Life and Non-Life Directives and transposed the Solvency Directives to ensure that Gibraltar insurance companies satisfy (if not exceed) the solvency requirements under the EU.

Gibraltar also forms part of a niche jurisdiction with the implementation of protected cell company legislation, which is also expected to boost the captive insurance sector. Essentially the shareholding of a protected cell company is broken into different cells and although occasionally these may overlap, each cell is used for a different portfolio of business with the assets and liabilities of each ring fenced from the others in terms of any claims or profits which may accrue or be made against it.

In addition, the recognition of passporting rights enables Gibraltar registered insurance companies to do business throughout the EU without further authorisation.

Marrache & Co have advised a number of major international insurance companies as well as on the attraction of Gibraltar as a quality jurisdiction to carry on insurance business and the use of its insurance related products.