business (whether general, life or both) which they propose to do business in and in accordance with their respective business plans. Once issued with their Part 7 Permission by the GFSC, the (re)insurer would be subject to the provisions of not only the FSA, but also all applicable insurance regulations and other cross-sectoral legislation. Gibraltar’s principal piece of legislation governing the prudential, conduct and other business of (re)insurance companies is the Financial Services (Insurance Companies) Regulations 2020 (the “IC Regulations”). All (re)insurers are therefore required to obtain permission from the GFSC under Part 7 of the FSA to undertake the regulated activity of effecting and carrying out contracts of (re)insurance (as the case may be) in the particular classes of Gibraltar insurers, intermediaries and MGAs. The services offered by insurance managers therefore attract particular interest from new insurance start-ups and insurtechs seeking assistance with licence applications and ongoing operational support. Can you provide our readers with an overview of the market trends and regulatory framework in the insurance and reinsurance market for Gibraltar? The GFSC is responsible for the supervision of all (re)insurers in Gibraltar pursuant to the Financial Services Act 2019 (“FSA”). Under the FSA, any person who either effects a contract of (re)insurance or carries out a contract of (re)insurance in Gibraltar must (unless otherwise exempted) be authorised by the GFSC to undertake such ‘regulated activity’. WWW.LAWYER-MONTHLY.COM 69 No other country or overseas territory enjoys a similar capability to passport services directly into the UK market. About ISOLAS LLP ISOLAS LLP combines unparalleled legal expertise with practical guidance, earning the trust of clients and partners who value our confidence and practicality. Our award-winning lawyers provide a comprehensive range of personal and business legal services, both locally and internationally, with a focus on the financial services sector. ISOLAS played a key role in developing Gibraltar’s insurance legislation, including through the Legislative Reform Programme (LRP). The LRP, the largest review of Gibraltar’s financial services laws, involved the ISOLAS team in implementing sector-specific insurance regulations. ISOLAS expertise extends beyond legal practice as the also contribute to several authoritative insurance publications, including: • The Gibraltar Chapter of Thomson Reuters’ “Comparative Overview of Insurance and Reinsurance Law and Regulation” • Law Business Research’s Gibraltar Chapter for “The Insurance and Reinsurance Review” • The “Gibraltar Insurance Guide,” part of Thomson Reuters Country Guides Series
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