On Apr. 23, UK Lloyds issued bulletin on Gibraltar authorizations.
UK Lloyds issued bulletin Gibraltar: Changes to Lloyd's underwriters' authorisation and representation notifying of streamlined authorizations in Gibraltar, allowing market to continue writing term-life, non-life Gibraltar business on a cross-border basis.
UK Lloyd’s underwriters cease to have General Representative in Gibraltar as of Jun. 1, 2025 and therefore service of suit provisions should be amended accordingly.
Background
Since Jan. 1, 2016, UK Lloyd’s underwriters mostly authorized to write Gibraltar insurance business on freedom of services basis and a freedom of establishment basis.
As a requirement of the freedom of establishment authorization, UK Lloyd’s underwriters appointed a General Representative in Gibraltar in 2016 and UK Lloyd’s has recently undertaken two key changes to its authorization in Gibraltar.
UK Lloyd’s underwriters have added Class 10 motor third-party liability to freedom of services authorization so, as a result, UK Lloyd’s underwriters are now authorized to write term-life, all classes of non-life insurance business on freedom of services basis.
UK Lloyd’s underwriters will no longer be authorized to write Gibraltar business on a freedom of establishment basis from Jun. 1, 2025 but may continue writing term-life and all classes of nonlife Gibraltar business on a cross-border basis.
Appointment of current UK Lloyd’s General Representative ends on Jun. 1, 2025.
For business written on freedom of services basis, service of suit nominee at discretion of underwriter, however, for benefit of market, UK Lloyd’s Agent in Gibraltar is empowered to accept service of suit on behalf of UK Lloyd’s underwriters from Jun. 1.
