Gibraltar Approved To Accept UK Insurance Transfers
by Mike Godfrey, Lowtax.net, Washington
23 July, 2014
The UK Government has recently confirmed that it will allow transfers of insurance products between the UK and Gibraltar under Part VII of the UK Financial Services and Markets Act 2000 (FSMA).
The FSMA provides for cross-border insurance transfer subject to various safeguards including UK Treasury approval, which has now been granted. All such transfers will also be subject to legal and regulatory approvals.
Albert Isola, Gibraltar's Minister for Financial Services, said: "This is superb news for our Insurance Sector, which has been seeking to be able to carry out this business for many, many years. We have worked closely with HMT, the Foreign Office and the Financial Services Commission to enable Gibraltar to engage in this business, and I am sincerely delighted by the news and grateful to all who have worked with us in this process."
Fabian Picardo, Gibraltar's Chief Minister, said: "I am well aware of the very significant effort my Government has expended in delivering this result and know that the Insurance sector and other areas of the Financial Services Industry will welcome this news with the same enthusiasm as I do. This is great news for Gibraltar."
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