In conjunction with its position as a member of the European Union, Gibraltar has already enacted the First EU Insurance Directives as part of the Insurance Companies Ordinance, 1987. The Directives give EU insurers the right to establish themselves in any foreign Member State as long as they comply with various conditions. They set out a broad regulatory and administrative framework, enabling EU insurers to operate in other Member States without being subject to more onerous restrictions than their local competitors. The Directives also stipulate the minimum levels of solvency that must be maintained.
On 1 July 1996, further amendments were made to the Insurance Companies Ordinance, 1987 which implemented the Second and Third Insurance Directives together with a number of other EU directives. The principal purpose of the amendments was to provide the regulatory framework within which companies will no longer have to seek authorisation in each member state where they want to carry
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
