Jun 27 - ISOLAS Secures Landmark Gibraltar Insurance And PCC Ruling
Gibraltar’s longest established law firm, ISOLAS, is pleased to announce that it has acted as legal advisors on the first ever transfer of long term insurance business undertaken by a Gibraltar licensed insurance company structured as a protected cell company (PCC).
Associate, Christian Caetano, advised PEL Altraplan (Gibraltar) PCC Limited on its unprecedented transfer of insurance business from Gibraltar to Ireland. The landmark ruling of the Supreme Court of Gibraltar was possible as a result of the provisions of the Financial Services (Insurance Companies) Act and the Protected Cell Companies Act.
“This was the first time that the Gibraltar Courts had been asked to approve a scheme for the transfer of a Gibraltar insurer’s long term business, and also the first such transfer from a PCC to a non-PCC entity. This is therefore a highly significant ruling in the areas of insurance and PCCs, and one which will be welcomed locally and internationally. As Gibraltar’s financial services industry continues to thrive, this decision serves to highlight the robustness of our legislation and regulator, as well as reinforce the strengths of the PCC vehicle,” said Christian.
