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The Gibraltar insurance companies are known to work within the framework of the EU's Third Life and Non-Life Directives. The right to license and the regulation of the insurance companies in Gibraltar has been given to the Commissioner of Insurance. It has been promulgated as per the 1987 Insurance Companies Ordinance.
For getting insurance license in Gibraltar, the company has to have the business integrity and expertise. It is required by the insurer to maintain a guarantee fund having relation with its level of business. It is a must for the insurance companies at Gibraltar to maintain a place for business in Gibraltar. It is also essential to submit the Annual Financial Statements to the Financial Services Commission. It is to be done within 6 months of the expiry of each fiscal year.
The implementation of the EU insurance directives has already been done by the country of Gibraltar. Under the 'common passport' rules, the insurance companies in Gibraltar have the authority to write business in EU. For this it does not need to establish its presence in the concerned jurisdiction. This is surely to enhance the Gibraltar insurance marketing sector. The laws of Gibraltar make it ideal for the insurance company to set up a base in Gibraltar.
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