Gibraltar moving ahead with captive regime proposals

The Gibraltar government is pushing ahead with proposals for a captive regime in partnership with the UK.

The territory has launched a government working group for captive insurance regime implementation, headed by the minister for financial services, Nigel Feetham.

On the proposed captive regime, Feetham said: “While it will initially sit outside the common market (GAR) arrangements with the UK, I believe it could in future be possible, through this regime, to deliver on a common objective, working closely with the UK government and its industry, within GAR, such that Gibraltar can facilitate the regulatory regime and the UK the expertise and professional infrastructure, both sides contributing what the other can offer, making it a successful Gibraltar-UK partnership.”

The Gibraltar government said the inaugural session of the working group “marked a significant milestone in the implementation of a captive insurance regime for Gibraltar”.

“This initiative fulfils a key manifesto commitment aimed at enhancing Gibraltar’s insurance competitiveness,” it added.

The government said the working group will collaborate closely with the Gibraltar Financial Services Commission, and added: “The establishment of a captive insurance regime represents a significant step forward for Gibraltar’s financial services sector, demonstrating the government’s commitment to fostering innovation and competitiveness.”