HM Government of Gibraltar has introduced an amendment to the “Financial Services (Specified EEA Insurers) (Temporary Exemption) Regulations 2020” (“the Regulations”) to permit Swiss insurers to have access to the Gibraltar insurance market. This move follows on from regulations that were introduced in December 2020 when Gibraltar permitted EEA insurers to continue to have access to the Gibraltar insurance market after the end of the EU transition period.
Albert Isola MP, Gibraltar’s Minister for Digital and Financial Services stated: “Today’s amendment extends the access we provided to EEA insurers from 1 January 2021 to Swiss insurers. I hope this amendment will lead to new opportunities for Swiss insurers together with the potential for greater competition and consumer choice for Gibraltar policyholders. “As for EEA insurers, Swiss insurers will be able to provide specified insurance activity to Gibraltar businesses and individuals provided they work with a Gibraltar or UK insurance intermediary.” Specified insurance activity means regulated insurance activity of a kind which the Gibraltar Financial Services Commission considers has or would be likely to have the effect in Gibraltar of enhancing competition in the provision of insurance and increasing choice for consumer. Gibraltar was also included in the new “Agreement between the United Kingdom and the Swiss Confederation on direct insurance other than life assurance” which was signed by the two governments in January 2019 and came into effect post-Brexit.