The development of Gibraltar as an international finance centre has meant that the colony has had the opportunity to develop the range and quality of services required by the modern insurance company or captive. The full range of insurance management services is available through both broker-owned and independent management companies which have specialist captive operations although considerable sub-contracting of the administrative function often takes place.
Unlike the other offshore islands of the United Kingdom, Gibraltar is a member of the European Union. Other than the agriculture and customs directives, all other EU directives apply to Gibraltar.
The enactment of the EU Insurance Directives into local legislation permits insurance companies licensed in Gibraltar to write direct business into the EU without the need to establish a presence in each state where the risks are to be written. The new legislation has already attracted renewed interest in Gibraltar as a base for establishing insurance companies particularly in view of the favourable tax regime available.
The information in this article was correct on January 1997.
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