For many years, Lloyd’s underwriters have underwritten business from Gibraltar on the basis of an exemption in the Financial Services (Insurance Companies) Act 1987 from the requirement to hold an insurance licence in Gibraltar. However, recent changes to local insurance legislation as part of transposing Solvency II mean that this exemption will cease to exist from 1 January 2016.
To maintain the trading rights of Lloyd’s underwriters in Gibraltar, Lloyd’s underwriters have obtained authorisation to write insurance business from Gibraltar on a freedom of services basis and in Gibraltar on an establishment basis with effect from 1 January 2016. This has been done through the usual EU/EEA passporting process.
Lloyd’s has appointed Yvonne Chu-Feetham, partner of the law firm Hassans in Gibraltar, as General Representative for Gibraltar.
Prior to 1 January 2016, Lloyd’s underwriters may continue to underwrite risks located in Gibraltar under the existing arrangements.
For further information, please refer to Market Bulletin Y4940 dated 16 November 2015.