The Gibraltar insurance market is taking great strides post-Brexit. With continuous market access to the UK insurance market, the infrastructure and skills-base that Gibraltar boasts is making it a truly exciting time for the sector.
To fully take advantage of the opportunities that the recent legal and regulatory changes are presenting, you need knowledge. In this article I take a look at all the relevant changes, in particular, the managing general agents space, the retention of the reciprocal market access between the UK and Gibraltar, the recognition of UK laws in Gibraltar, the insuretech space, the key part the GFSC plays in the success of the sector, the UK Gibraltar Authorised Regime, The UK Consumer Duty Consultation, and the extension of the Gibraltar PCC Legislation.
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It is truly an exciting time for the Gibraltar insurance industry. However, if one is to take advantage of the opportunities, understanding the changes in UK laws and regulations will be equally if not more important.