The dual regime would mean that any captive insurer in Gibraltar writing UK business would have to respect the Gibraltar Authoristion Regime (GAR) arrangements – meaning Solvency UK, which is soon to replace Solvency II, would be applicable. On 25 January 2024, the UK Treasury provided Gibraltar with the green light for the development of a new captive regime. UK captive regimeLast week, tech giant Google was said to be in talks to participate in the captive market at Lloyd’s of London. Earlier last year, November’s Autumn Budget documents revealed that the UK government planned to set up a consultation on the creation of a captive market in the UK. At the time, chancellor Jeremy Hunt said there would be a “consultation on introducing a UK regime for captive insurance companies”.

Source: The Times February 19, 2024 07:08 UTC