30 November 2020Law & regulation

Gibraltar amends legislation to allow licensed intermediaries to appoint insurance managers

HM Government of Gibraltar has introduced amendments to its insurance legislation to permit Gibraltar licensed insurance intermediaries to appoint an insurance manager.

A government announcement on November 26 confirmed the amendments to Gibraltar’s Financial Services Act 2019, which came into force on January 15, 2020, to address “practical obstacles to setting up and operating insurance brokers and MGAs in Gibraltar, according to law firm Birketts.

David Coupe, partner and head of insurance at Birketts, said: “The new laws will allow more flexibility in the building of new MGAs and other intermediaries operating in the UK and Gibraltar markets post-BREXIT, and Gibraltar will now offer a genuine alternative base from which intermediaries will be able to operate in the future.”