Apply for a Licence

Insurance Linked Securities


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

This section sets out:

  • What would this Licence allow you to do?
  • What do you need to submit?
  • Guidance

What would this Licence allow you to do?

Insurance-linked securities (Special Purpose Vehicles) are financial instruments whose values are driven by insurance loss events typically hurricanes, windstorms and earthquakes and are the result of the process of convergence between the capital markets and the insurance industry.

Applicants (Sponsors) should be guided by relevant Gibraltar legislation and regulations, in particular the Financial Services (Insurance Companies) Act 1987, the Protected Cell Companies Act 2001, and particular regulations relating to these Acts including the Insurance Companies (Special Purpose Vehicles) Regulations 2009.

Under the Insurance Companies (Special Purpose Vehicles) Regulations (Regulations) 2(1), a Special Purpose Vehicle is defined as:

"an undertaking, whether incorporated or not, other than an existing insurer or reinsurer, which assumes risks from insurance or reinsurance undertakings and which fully funds its exposure to such risks through the proceeds of a debt issuance or some other financing mechanism, where the repayment rights of the providers of the debt or other financing mechanism are subordinated to the reinsurance obligations of such a vehicle".

What do you need to submit?

The GFSC will focus on certain key areas when considering an application for the granting of a SPV licence:

  • The Applicant and Ownership Structure
  • Probity of Controllers, Directors and Managers
  • Legal Structure
  • Objectives and Scheme of operations
  • Capital and Financial Projections
  • Organisation and Governance
  • Risk Management
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Full details of the information required are set out in the SPV application form.

Business Plan

An application for a licence should be accompanied by a business plan and all the information outlined in Regulation 6(2) and 6(3). This should include as a minimum:

  • Description of the SPV’s objects and risks to be covered
  • Financial Projections demonstrating how the fully funded principle will be met
  • Forecast opening balance sheet
  • Independent legal confirmation that the SPV meets statutory requirements
  • Details of any outsourcing

SPV Contract

A copy of the proposed SPV contract should accompany the application.


The SPV is required to maintain an adequate margin of solvency by ensuring that at all times it is fully funded under all reasonably foreseeable scenarios, taking into account operating costs.

Further information on SPVs and the application process is provided under our ILS Guidelines “our approach” which can be downloaded here.

Application Forms

Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.


Application Form

Documents referred to in the application form must be clearly referenced to help us process the application swiftly.


RGP Vetting Form

Notes for completion of the Royal Gibraltar Police Vetting Application Form:

1. The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted. 

Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only. 

2. All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates. 

Please note that all applications/fit and proper assessments will be kept on hold and not be processed until the original RGP Vetting Form and fee is submitted together with the applicable Individual Questionnaire or Notifiable Document. The same will apply to any incorrect forms submitted.

If an Applicant has submitted an RGP Vetting Form within the last 12 months, please contact the Authorisations Team at to confirm whether the individual is required to re-submit.

Should exceptional circumstances apply, please contact  

3. The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:

a) Payment of the £10 applicable fee by bank transfer only; and

In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to  

b) APPLICATION Reference number. 

Please quote the following payment reference for any bank transfer:

For an individual: “RGPNAMEOFAPPLICANT” 

For payments to settle for more than one applicant: i.e. If the firm is submitting an application for five individuals, the reference should be as follows: “RGPNAMEOFFIRMX5”

For any further queries, please contact and a member of staff will be happy to assist.


  Individual Questionnaire
  Body Corporate Questionnaire

Body Corporate Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.


Individual Questionnaire Directors Declaration

Directors declaration form is required to be signed and submitted with the individual questionnaires. Please use the reference number quoted on the form.


Individual Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

  Trust Questionnaire

Where a trust is proposed as part of the shareholding structure of an applicant, the FSC will need sight of a comprehensive explanation setting out the rationale for the use of such a vehicle within the structure.


Furthermore, the following is required to be submitted together with the Questionnaire


  1. Copy of the trust deed
  2. A written undertaking from the respective trustees to the effect that:
    • the provisions of the trust(s) in respect of beneficiaries, trustee(s) and terms of settlement are as contained in the relevant deed(s) dated [xxx],
    • the resignation of any trustee and, where appropriate, protector will be notified to the Commission forthwith,
    • no other trustee(s) or any additional or different protector(s) will be appointed, without the prior approval in writing of the Commission,
    • any proposed changes to the beneficiaries must be notified in writing to the Commission,
    • any proposed distribution or transfer for value or otherwise of any of the trust assets related to the applicant firm must receive the prior approval in writing of the Commission.
  3. Confirmation from the trustee(s) that they understand that failure to adhere to their undertaking may result in regulatory action against the applicant/regulated firm.

In addition to the Trust Questionnaire and the above listed information, the Applicant is also required to submit Individual Questionnaires for the settlor(s) and any named beneficiaries. This will not apply in cases where the beneficiary is a minor. In these cases, details of the individual will suffice i.e. name, DOB, address, nationality & passport number. When the trust is for example a discretionary family trust where not all beneficiaries are named (i.e. refers to spouse and children/issue of Mr X but does not actually name these individuals) a copy of the ‘letter of wishes’ of the Settlor, if any, will also be required.

In principle, the FSC does not favour the use of nominee shareholdings for the purposes of holding shares, directly or indirectly, in a regulated firm. The Commission will therefore require that the applicant submit a paper setting out the rationale for the use of these structures in each instance where this is being proposed. This should include comprehensive details as to why it is necessary to hold the shares in this way.


** All forms are accepted electronically so long as they are submitted from a valid email address pertaining to the firm **


Application Fee

The application fee must accompany your application. Please note, if you are applying for more than one licence, aggregate fees will apply.

Type Nature of the Application Application Fee
Special Purpose Vehicle Application to be licensed £4,400
Special Purpose Vehicle Application to be licensed (fast track application as defined in guidance issued by the FSC) £10,000
Special Purpose Vehicle (structured as a PCC) Application for approval of a new Cell £2,500

For further information on the difference between Standard and Fast Track, please refer to the SLS Section.

Annual Fee

The annual fee is not payable until your application is approved. For details of these please refer to the current Fee Regulations.

Details on the payment methods can be requested from the Accounts team.

Service Level Standards

The GFSC seeks to deal with all applications promptly. To this end the GFSC has established service standards shorter than that provisioned for in legislation.

Furthermore, for Insurance Linked Securities applications the GFSC offers two sets of service level standards, the “Standard Service” and the “Fast Track” approach. Each of these service standards have different application fees, these can be found on the Fees section.

The Service Level Standards are:

  Standard Service Fast Track
Acknowledge application 2 days 2 days
Provide initial feedback on an application 5 days 10 days
Provide an in principle decision on a complete application i.e. Once all of the information has been received from an applicant and the application is therefore considered to be complete 4 weeks 2 weeks

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.

Nonetheless, we are open to working with the applicant to establish bespoke timescales, were possible, for the processing of the application in line with the applicant’s project plan. During this process we will endeavour to stage the review of the application and the issuance of our feedback to allow for us to work simultaneously with the applicant.