Insurance services and the conduct of insurance business, including an outline of the fiscal and legal advantages of setting up and administering an insurance company in Gibraltar, are covered in Section 3.2.
Gibraltar is in a unique position to offer the multinational insurance companies the possibility for their captive unit to write one insurance policy for all their EU risks. Additionally, a captive unit may write large nonlife risks in another member state, only requiring them to advise those countries of the risk to be covered.
This “passport” through the EU is an invaluable tool for multinational companies contemplating setting up a captive insurance company.
An annual license fee of £5,314 is presently payable to the FSC.