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The Insurance Companies Ordinance 1987 and supporting Regulations.

DOUBLE TAXATION TREATIES

- None.

SUPERVISORY AUTHORITY



The Gibraltar Financial Services Commission.

REGISTRATION AND INCORPORATION FEE



  • Annual Filing Fee of £26.
  • Application Fee £500.
  • Annual Fee £2000.

INVESTMENT RESTRICTIONS



Admissibility limits based on UK practice.

CAPITALISATION



Minimum of £1,000 at incorporation. Minimum Guarantee Fund to be in accordance with EU requirements;

  • Life Business ECU800,000
  • Non-Life ECU200,000 to ECU400,000 according to classes undertaken.

LOCAL TAXES



3 Options available:

  • Nil tax subject to payment of £225 Exempt Company Fee;
  • 0% to 35% for qualifying company;
  • Full local Corporation tax 35%

LOCAL OFFICE REQUIREMENTS



  • Minimum of one shareholder.
  • Minimum of three directors.

MINIMUM SOLVENCY MARGIN



18% of net premium or 26% of average annual claims (after 3 years) multiplied by the ratio of claims net of reinsurance to gross claims (min 50%)

REPORTING REQUIREMENTS




Annual audited accounts to be submitted within six months of the year end together with a copy of the Actuary's Report and statutory.

OFFICIAL CONTACT AND ADDRESS

Financial Services Commission
PO Box 940
Gibraltar

Tel No:  + 350 40283
Fax No:  + 350 40282
Web Site:  Click Contact Link 

CONTACTS

Anthony Fisher

Finance Centre Development Director
Department of Trade & Industry
Government of Gibraltar
Suite 771, Europort
Gibraltar

Tel No: + 350 50011
Fax No: + 350 47677
E-mail:  Click Contact Link 

Website:  Click Contact Link 

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