Gibraltar Insurance Sector Welcomes Developments In Relation To Managing General Agents (MGAs)

HM Government of Gibraltar has published the Financial Services (Insurance) (Miscellaneous Amendments) Regulations 2020, which came into force on the 26th November 2020. The Regulations carry out a number of changes to Gibraltar's existing insurance framework aimed primarily at permitting Gibraltar based insurance intermediaries and MGAs to formally appoint insurance managers.

Managing General Agents (MGAs), which themselves are a category of insurance intermediary under Gibraltar law, will therefore have the ability to benefit from the expertise and range of services offered by local insurance managers. This will allow MGAs to plug into the infrastructure of Gibraltar's long-established insurance managers that provide managerial functions, as well as back office, accounting and other services. MGAs will also be able to contract the services of insurance managers in connection with applications to the GFSC for permission to be established in Gibraltar.