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New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
 

 
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Lowtax Network Portal: 'Low-tax' business and investment in the top 50 jurisdictions covered in exceptional detail.
Tax News: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library: One of the web's largest and most authoritative business and investment information sources.
US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 
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LOWTAX OFFSHORE

GIBRALTAR: INSURANCE AND PENSIONS


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BACK TO GIBRALTAR INFORMATION: BUSINESS, TAXATION AND OFFSHORE

In this Section:

- GIBRALTAR OFFSHORE BUSINESS SECTORS
- GIBRALTAR COMMERCIAL TRADING COMPANIES
- GIBRALTAR INVESTMENT AND FUND MANAGEMENT
- GIBRALTAR BANKING
- GIBRALTAR TRUST MANAGEMENT
- GIBRALTAR SHIP MANAGEMENT & MARITIME OPERATIONS


Insurance and Pensions

See Offshore Business Review – Insurance for a more general treatment of captive insurance companies.

Insurance companies in Gibraltar operate within the overall structure of the EU's Third Life and Non-Life Directives. The Commissioner of Insurance regulates and licences insurance companies in Gibraltar under the Insurance Companies Ordinance 1987. (Further information on other legislation pertaining to insurance can be found here.)The issue of a licence depends on the expertise, business integrity and funding of the applicant. An insurer must maintain a guarantee fund related to its level of business; minimum guidlelines (as in EU legislation) currently vary from EUR200,000 to EUR400,000.

Insurance companies licensed in Gibraltar must maintain a place of business in Gibraltar. Annual financial statements must be submitted to the Financial Services Commission within 6 months of the expiration of each fiscal year. Any intended change in company control must first be approved by the Commission.

See Offshore Tax Regimes and Law of Offshore for further details of the regulatory regime, the licensing process and the offshore tax possibilities for insurance companies in Gibraltar.

Gibraltar has fully implemented EU insurance directives, and under the 'common passport' rules Gibraltar insurance companies can therefore write business into the EU without needing to establish a presence in the jurisdiction concerned (see below for more detail). Taken together with Gibraltar's other advantages (well-educated, English-speaking, low-cost, available labour force; comparatively cheap fee structure; good telecommunications; very competitive tax structure) it would seem that this should encourage the development of a European insurance marketing sector in Gibraltar, although this has yet to happen on a significant scale.

Gibraltar captives can write business anywhere within the EU, and there is provision for both protected cell companies and rent-a-captives.Comprehensive legislation for protected cell companies was passed in the House of Assembly in July 2001 as the Protected Cell Companies Ordinance. See a detailed description of the new law in Law of Offshore.

An initial fee is payable with the licence application to the Financial Services Commission and an annual fee is payable thereafter, at rates set by the Insurance Companies (Licence Fees) (Amendment) Regulations 2008 and the Insurance Companies (Prescribed Particulars) (Amendment) Regulations 2008 (at the time of writing).

The passporting of insurance and reinsurance mediation from Gibraltar throughout the EEA came into effect on January 15, 2005.

Passporting rights arise under the single market directives, and grant a person in the designated jurisdiction the right to establish a branch in another EEA state or to do business there on a cross-border basis, subject to the fulfillment of the conditions in the directive in question.

This was the fourth passporting badge awarded to Gibraltar, following insurance in 1997, banking in 1999, and investment services in 2003.

According to the Rock's financial services authorities, the passporting of insurance and reinsurance mediation was enabled by the passing of an amending ordinance, the Financial Services (Insurance Mediation) (Amendment) Ordinance 2004 in the House of Assembly on December 22, 2004. The Ordinance amended the Financial Services Ordinance 1989 in order to transpose into the law of Gibraltar Directive 2002/92/EC of the European Parliament and of the Council of December 9, 2002 on insurance mediation.

The Ordinance provided for the regulation of insurance and reinsurance mediation, including such activities as:

  • Introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance or reinsurance;
  • Concluding contracts of insurance or reinsurance; and
  • Assisting in the administration and performance of such contracts, in particular in the event of a claim.

 

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BACK TO GIBRALTAR INFORMATION: BUSINESS, TAXATION AND OFFSHORE

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