Applying for a permission

Insurance Manager


The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What an Insurance Manager is and what this regulated activity would allow you to do
  • Application Process
  • Capital Requirements
  • Additional Information

What is an Insurance Manager and what would this regulated activity allow you to do?

An Insurance Manager exercises managerial functions and/or;

• Gives advice;

• Offers to give advice; or

• Agrees to give advice in relation to an Insurance Company.

An Insurance Manager is authorised to exercise managerial functions in relation to the business of one or more Gibraltar-authorised Insurance or Reinsurance Companies.


Application Process

Applicants should submit an application form and additional documentation with all relevant documents. We will not consider an application complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee;
  • Application Form;
  • Financial Projections for the next 3 years;
    • Stress Test on Financial Projections;
    • Profit and Loss account;
    • Balance Sheet;
  • Regulated Individual Form (for each Regulated Individual);
  • Non-Executive Director Form (for each non-executive director);
  • Controller Form (for each Controller);
  • Business Plan;
  • Risk methodology and/or threat assessment matrix; 
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act); and
  • Any other document the applicant considers the GFSC should take into consideration as part of the application.

Please request cloud access via E-mail at  in order to submit the Application Pack. Please include the following information in the subject field: ‘Name of Regulated Firm/Applicant – Application’. Paper copies are not required unless indicated by the Authorisation team.

Please note that we accept signed signature copies sent via e-mail and electronic signatures, which must originate from the Regulated Firm /Applicant’s domain.  

Capital Requirements

An Insurance Manger is required to hold an initial and ongoing capital of:

  1. £10,000; or
  2. The equivalent to one-third of the firm’s annual expenses (or as projected at application), whichever is the greater.

Regulated Firms holding multiple authorisations may be required to hold the aggregate of the capital required for each authorisation prior to conducting the proposed activity, and on an ongoing basis. In these cases, we will consider the level of capital. We advise that you discuss this with us ahead of your application.


Additional Information

Insurance Managers are required to hold on a permanent basis:

  • Professional Indemnity Insurance which guarantees against liability arising from professional negligence, for at least €1,000,000 (or sterling equivalent) applying to each claim and in aggregate €1,500,000 (or sterling equivalent) per year for all claims; and
  • At least two individuals as directors of the company to have the same skills, knowledge, experience, integrity and track record as if they were executive officers of the insurance or reinsurance companies under management.

The functions of an insurance manager are similar to the functions of the staff and executive team of an insurance company. Accordingly, we will consider applications for this type of authorisation in this context.

The insurance manager should advise how they intend to record all the information necessary to be able to prepare returns for its companies under management, such as management accounts and statutory accounts.

An insurance manager must enter into a formal agreement with the insurance company it proposes to manage. The Agreement should describe and direct the relationship between the parties and clearly set out their respective functions, duties and responsibilities.

The business plan should comprehensively set out:

  • What services the firm intends to conduct and how it proposes to conduct the activity;
  • An assessment of the firm’s main risks and how these are to be mitigated;
  • The resources that are to be made available and the systems that the applicant intends to employ;
  • How clients will be sourced;
  • How records will be maintained;
  • How, and by whom, any significant decisions will be made;
  • The level and nature of fees to be charged to the firm’s clients; and
  • If the applicant forms part of a larger group, applicants should also provide details of the activities of the group and a description of its structure.

The GFSC will be seeking evidence that the firm has considered, documented and implemented the risk, compliance and operational issues associated with the proposed activities.

Applicants should ensure that the business plan is coherent with the firm’s risk appetite and capacity.