Sep 12 - Gibraltar Insurance Linked Securities Guidelines Published
The recent publication of the Insurance Linked Securities Guidelines by the FSC in Gibraltar has been met with a resounding welcome by the Government, who helped establish a working group that has been providing industry expertise and feedback to the Government and the FSC over recent months.
Gibraltar's ILS Guidelines have been prepared to be fully Solvency II compliant based on the most up to date EIOPA position. Gibraltar plans to offer a new European Union (EU) domicile for cat bonds, sidecars, collateralised reinsurance based ILS transactions and has been working closely with Industry professionals to ensure the Guidelines and processes are fit for purpose.
Albert Isola, Minister for Financial Services commented with, ‘Last year the Government set out to develop and attract new insurance activity to Gibraltar with the ILS sector being a serious target market. I am most grateful to all those individuals and companies, from Gibraltar and abroad, that have invested significant time and provided invaluable input and know-how to the working group over recent months.’
Also commenting on the matter, recently appointed Head of Prudential at the FSC, Joe Perdoni added, ‘the working group has been very supportive and provided valuable market insight to the FSC and I thank them for their contribution. We fully appreciate the time to market under which the capital markets operate in the ILS sector and we are confident that our Guidelines will support those market requirements whilst maintaining at all times a robust and highly professional regulatory environment.’
