Gibraltar Insurance Company License

Gibraltar Insurance companies are corporate entities that accept the transfer of a risk of loss from an entity, either a private individual or a business, in exchange for a payment (the premium).

Gibraltar Insurance companies may choose to specialize in specific classes and types of customers or pursue a broader strategy. Insurers may also decide to offer their products in other EU jurisdictions, either on a Freedom of Services or a Freedom of Establishment basis, utilizing their Gibraltar license.

Authorization must be sought for each class of business that the Insurance Company intends to transact. The classes are as follows:

 

General Insurance Business

Description

Class

Accident

1

Sickness

2

Land vehicles

3

Railway rolling stock

4

Aircraft

5

Ships

6

Goods in transit

7

Fire and natural forces

8

Damage to property

9

Motor vehicle liability

10

Aircraft liability

11

Liability for ships

12

General liability

13

Credit

14

Suretyship

15

Miscellaneous financial loss

16

Legal expenses

17

Assistance

18

 Long-Term Insurance Business

Description

Class

Life and Annuity

I

Marriage and birth

II

Linked long-term

III

Permanent health

IV

Tontines

V

Capital redemption

VI

Pension fund management

VII

Collective insurance

VIII

Social insurance

IX

A Gibraltar Insurance Company license, unless otherwise expressly restricted, permits the transaction of reinsurance. Reinsurance is the acceptance of insurance risks from another Insurer but only in classes for which the Insurance Company is already authorized.

 

Capital Requirements

A Gibraltar Insurance Company is required to comply with the capital requirements established in the Solvency II Directive (2009/138/EC).

The Solvency II Directive introduced a two-tier regulatory capital requirement, the lower Minimum Capital Requirement (MCR), and the upper-level Solvency Capital Requirement (SCR).

The MCR is the minimum amount of capital the insurance company needs to cover its risks. The absolute floor of the MCR is as below:

Direct Insurer

Absolute MCR

Life insurer

€3.7million

Non – Life liability insurer

€3.7million

Non-life other insurers (including captives)

€2.5million

 

Reinsurer (both life and non- life)

Absolute MCR

Captive reinsurer

€1.2million

Reinsurer (excluding captives)

€3.6million

 

Why US Valsen Fiduciaries

  1. We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of legal structures in all major jurisdictions.
  2. Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  3. We are very hands-on in the post-filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  4. We have a full in-house compliance support for all compliance requirements with the regulator and service providers
  5. Through our extensive network, we provide sign up services with major service providers including but not limited to; Liquidity providers, technology providers, custodians, prime brokers, legal advisors, auditors, payment gateway providers among others.