Albert Isola, Minister for Digital and Financial Services. / sur

Gibraltar allows Swiss insurers access to its insurance market

The Minister for Digital and Financial Services says the specified products will give consumers more choice

DEBBIE BARTLETT Gibraltar

The Gibraltar government has now modified its Financial Services and Insurance regulations so that Swiss insurers can have access to the Gibraltar insurance market. This follows on from regulations that were introduced in December 2020 when Gibraltar permitted EEA insurers to continue having access to its insurance market after the end of the Brexit transition period.

Announcing the move on Wednesday, 30 March, Albert Isola, Gibraltar’s Minister for Digital and Financial Services, said that: “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 insurer 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 consumer choice.

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.