’There is the possibility for a future alignment between Gibraltar and the UK in the captive [sector],’ says ministerThe UK Treasury has approved the development of a new captive regime in Gibraltar, the country’s minister for justice, trade and industry Nigel Feetham has said. The new regime will sit outside the Gibraltar Authorisation Regime (GAR) arrangements, which are intended to provide a long-term legislative framework for financial services between Gibraltar and the UK. Since Brexit, however, Solvency II reforms set out in the UK have been planned to adapt requirements for firms operating in the UK insurance market. ”As a policy commitment of this government, we will embark upon implementing a captive regime in Gibraltar that suits the needs of the international business community,” Feetham said. “There is the possibility for a future alignment between Gibraltar and the UK in the captive [sector] to allow us to bring the regime within the Gar arrangements.”

Source: The Times January 26, 2024 14:10 UTC