David Coupe, Partner and Head of Insurance at Birketts, said: “We are delighted to have been asked to participate in the recent consultative process which led to the announcement on 26 November from the Government of Gibraltar relating to the changes in the laws relating to insurance intermediaries. 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.
It is testimony to the Government of Gibraltar, the Gibraltar Financial Services Commission and Gibraltar Finance to have pushed through these changes through these difficult and changing times. However, I believe that these laws with the proportionate regulatory environment that Gibraltar offer will be of keen interest to all wishing to enter and grow in the UK insurance sector.”
Read the legislation: Financial Services (Insurance) (Miscellaneous Amendments) Regulations 2020
Read HM Government of Gibraltar's full press release.
For further insight read our article Gibraltar: A new rock for the UK insurance intermediary?