Experienced insurance lawyer Nigel Feetham has been elected to the Gibraltar parliament and is expected to be appointed the country’s next Minister of Financial Services by Chief Minister Fabian Picardo.
Captive Intelligence reported in September that Feetham was running for election as a member of the GSLP and wanted to reinvigorate Gibraltar’s captive sector with renewed legislation suitable for its role outside of the European Union, post Brexit.
Prior to Brexit, Gibraltar had a unique captive and insurance offering, being able to passport across Europe and into the United Kingdom. It was, however, restricted by the EU’s Solvency II regime.
Feetham, in the GSLP Liberal manifesto, has proposed new legislation that would update Gibraltar’s regime and make it more attractive.
“Post-Brexit, an opportunity has arisen for Gibraltar to establish a captive regime for international business, an initiative which was unattainable within the EU,” it states.
“If elected, the GSLP Liberals commit to passing legislation enabling a captive regime for international (non-UK and non-EU passported) business. This significant move would enhance Gibraltar’s insurance sector, offering unprecedented opportunities.”
Feetham has also proposed the formation of a Gibraltar government-owned captive insurance company to “obtain the most competitively priced insurance for the Government and addressing any public interest insurance needs linked to the Government not available locally, such as travel insurance for our elderly citizens”.