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Gibraltar opens door to insurance Part VII transfers from the United Kingdom

01/08/2014

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Related topics: InsuranceGeneral InsuranceLife insuranceBanking and financeFunds and asset management

Insurers and Reinsurers in Gibraltar will be able to take on UK insurance portfolios under Part VII transfers it was confirmed on 17 July 2014. The government of Gibraltar said it has received written confirmation from the UK Treasury that such transfers can take place, subject to court and regulatory approval.

A Part VII enables a book of insurance policies to be moved between two or more EEA insurers, where one is UK regulated, and opens the door for potential mergers between Gibraltar and UK-based firms.

The Gibraltar government said it has fully committed to working with the insurance industry in developing new lines of business, confirming that “work continues in other areas of insurance and funds which will in the coming months be of further benefit to the financial services sector”.

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