Post-Brexit ‘Three-Way Strategy' For The Gibraltar Insurance Sector Explained

The European Commission last week published a notice to stakeholders on the UK's (and consequently Gibraltar's) withdrawal from the EU and EU rules in the field of insurance and reinsurance. A copy can be found here: https://ec.europa.eu/info/sites/info/files/180208-notice-withdrawal-uk-insurance_en.pdf

The clear message from the European Commission is that doing nothing is not an option. We are increasingly being asked about what we consider the options open to companies are. I set out below questions and answers to some of the immediate issues relevant to this subject-matter.

Why would some insurance companies need to leave Gibraltar?

For the same reason as other financial services businesses in the UK that rely on EU 'passporting' (i.e. the ability to undertake business on a cross-border basis from one Member State to another without the need for a separate licence – this is known as the "EU passport"). On the UK's exit from the EU (March 2019) unless there