PRESS RELEASE No: 88/2024 Date: 14th February 2024
Minister Feetham Chairs Inaugural Meeting of Government Working Group for Captive Insurance Regime Implementation Minister Feetham has spearheaded the inaugural session of the Government Working Group, marking a significant milestone in the implementation of a captive insurance regime for Gibraltar. This initiative fulfils a key manifesto commitment aimed at enhancing Gibraltar's insurance competitiveness. The working group, convened by Minister Feetham, will collaborate closely with the Gibraltar Financial Services Commission (FSC). During the meeting, Minister Feetham shared the Government’s views on the captive legislation, laying the groundwork for further deliberations and refinements. The establishment of a captive insurance regime represents a significant step forward for Gibraltar's financial services sector, demonstrating the Government's commitment to fostering innovation and competitiveness. Commenting on the proposed captive regime, the Minister for Financial Services, the Hon Nigel Feetham, said: “Whilst it will initially sit outside the common market (GAR) arrangements with the UK I believe it could in future be possible, through this regime, to deliver on a common objective, working closely with the UK Government and its industry, within GAR, such that Gibraltar can facilitate the regulatory regime and the UK the expertise and professional infrastructure, both sides contributing what the other can offer, making it a successful Gibraltar-UK partnership.” ENDS
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