Gibraltar Insurance Company License

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.