Experienced insurance lawyer Nigel Feetham will assess the feasibility of forming a Gibraltar government-owned captive insurance company, should he be appointed Minister of Financial Services.
It was announced last month that Feetham, a respected Gibraltar lawyer with a long background in captives and cell companies, would be appointed the country’s next Minister of Financial Services by Chief Minister Fabian Picardo should his political party, the GSLP, win re-election.
Feetham highlighted the success of Gibraltar International Bank (GIB), established in 2016 when Barclays left the island, as a good example of economic intervention that gave the country and residents more control of its affairs.
“If my party is re-elected into Government and I am appointed Minister for Financial Services by Fabian, I will undertake a review of the feasibility for setting up a Government-owned captive insurance company (Gibraltar Insurance Company: ‘GIC’) regulated by the Gibraltar FSC,” he said.
“The dual objective would be 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.”
Prior to Brexit, Gibraltar had a unique captive and insurance offering, being able to passport across Europe and into the United Kingdom.
Its captive sector had suffered since, however, and Feetham has recently proposed new legislation that would update Gibraltar’s regime and make it more attractive.
He said the Gibraltar Insurance Company would be an ideal “showcase” for the post Brexit captive legislation.