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Regulatory review beckons for Gibraltar

The government of Gibraltar and HM Treasury are looking for a consultant to undertake a “diagnostic review” of the overseas territory’s insurance regulatory regime.

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The review will compare the Gibraltar regime with the UK as part of a deal to maintain access to the UK market.

Gibraltar has been guaranteed access to the UK market on current terms until 2020.

The review will serve as a tool to make sure Gibraltar is keeping to its commitment of parity in regulatory outcomes through “mutual confidence in regulatory standards, supervisory capacities and capabilities; and commitment both to information sharing specifically and to joint regulatory working more generally”.

It is expected similar reviews will be rolled out across financial services in Gibraltar following insurance, which is the largest segment of the Rock’s financial services industry.

The review comes at a time when Gibralatar is looking to establish its role outside of the EU and renew its relationship with the UK. Among the plans have been proposals for insurance firms to re-domicile in Spain.

“Gibraltar has been promised privileged access to the UK market post-Brexit and this is expected to be on terms no less favourable than it has under current EU arrangements,” Nigel Feetham, partner at Hassans International Law, said. “It is therefore not unreasonable for the UK to seek continued confidence in regulatory standards in Gibraltar.

“In insurance given that Gibraltar already applies a Solvency Two regime equivalent to that in the UK this review should be fairly straightforward and uncontroversial. Of course, the GFSC is an independent regulator to the PRA (UK’s Prudential Regulatory Authority) and that will not change.”

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