• Gibraltar Non-Resident Company
• Private Company Limited by Shares
• Company Limited by Guarantee
• The Gibraltar Tax Exempt Company
• The Gibraltar 1992 Company
• Public Company Limited by Shares
• Branch of Overseas Company
• The Qualifying Company
• Protected Cell Company
• Insurance companies
• General Partnership
• Limited Partnership
• Investment Funds
• Foundations
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GIBRALTAR INSURANCE COMPANIES
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Gibraltar insurance companies, including captives, are regulated by the Financial Services Commission under the Insurance Companies Ordinance 1987 and the Financial Services Ordinance. There is a Commissioner of Insurance, and day-by-day supervision is carried out by the Insurance Supervisor.
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The 2nd and 3rd EU Insurance Directives have been implemented in Gibraltar, and the UK Government has agreed that Gibraltar's insurance regulatory regime matches UK practice; therefore the Single European Passport applies - EU insurers may write direct business into Gibraltar, and Gibraltar insurance companies can write direct business into other EU states.
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Insurance companies in Gibraltar, including branches or subsidiaries of foreign insurers, require a license from the Commissioner of Insurance. The Commissioner will take into account the expertise, skill and experience of the proposed management team, the ability of an applicant to conform with prescribed EU guidelines including solvency margins and guarantee fund levels, and the availability of adequate reinsurance.
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The cost of an application is G£500 and an annual fee of G£2,000 is payable to the Commissioner. Licensed insurance companies are required to conform to the following ongoing supervisory regime:
- A place of business must be maintained in Gibraltar at all times;
- Insurance and accounting records must be maintained in Gibraltar;
- Financial statement must be submitted to the Commissioner within six months of the end of the insurer's financial year;
- Solvency margins and minimum guarantee funds must be maintained at all times; and
- Approval must be sought for all changes of director, manager or controller.
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