Section 31

Gibraltar-based individuals carrying on insurance distribution activities

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(1) For the purposes of paragraph 1, an individual without a head office in Gibraltar is to be treated as having a head office there if the individual -

(a) is normally resident in Gibraltar, and

(b) has permission from the Gibraltar regulator to carry on an insurance distribution activity in Gibraltar.

(2) A notification for the purposes of paragraph 12 in respect of an individual who is a Gibraltar-based person by virtue of this paragraph satisfies paragraph 15(1)(b) if it states the main address where the individual carries on an insurance distribution activity in Gibraltar.

(3) The Treasury may by regulations replace the requirement in subparagraph (1)(a) with a different requirement relating to residence in Gibraltar.

(4) In this paragraph, "insurance distribution activity" has the meaning given in paragraph 2B(5) and (6) of Schedule 6.