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Article: Gibraltar approved as E.U, gateway.
- Article from:
- Business Insurance
- Article date:
- June 16, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLOGNE, Germany - Gibraltar's popularity as a captive insurance company domicile just received a shot in the arm.
Insurers, reinsurers and captive insurance companies based in Gibraltar can now write business across the European Union.
Gibraltar passed legislation governing cross-border trading in insurance business in February, but as a British territory had to wait for the U.K. Department of Trade and Industry to rule on the competence of its supervisory body, the Financial Services Commission.
The DTI last week said that it was satisfied that Gibraltar's regulatory system meets U.K. standards and Gibraltar could start accepting "single passport" ...