The government of Gibraltar has received confirmation from the UK Treasury that Part VII transfers can take place.
The transfer enables groups of insurance policies to be moved between two or more insurers, subject to court and regulatory approval.
Minister for Financial Services, Albert Isola, said: “This is superb news for our insurance sector who have been seeking to be able to carry out this business for 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.”
Gibraltar’s Chief Minister, Fabian Picardo, added: “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.”
Europe, HM Treasury, Part VII Transfers