Feedback report for: Jurisdiction: Gibraltar Based on questionnaire response received: Methodology: The assessment follows the methodology set out in the more general report. For the thematic assessment on Supervisory Cooperation and Information Exchange, the IAIS Insurance Core Principles that are relevant to the theme have been identified. ICP5 is the main area where cooperation and information exchange is addressed. There are aspects of other ICPs that also relate to the theme.These are 6 (Licensing), 7 (Suitability of persons), 17 (Group-wide supervision), 27 (Fraud) and 28 (AML/CFT). The information contained in this report is considered the joint property of Financial Services Commission and the IAIS. For its own purposes the IAIS will continue to classify this information as Secret. This classification does not however apply to the use of the information by Financial Services Commission for its own purposes, and Financial Services Commission may reclassify the information as appropriate for its needs. Financial Services Commission SECRET FINAL The assessment is developed by taking into account some critical elements. First, the assessment takes account of the nature of the insurance market in Gibraltar at the time that the assessment questionnaire was completed. Second, the assessment takes account of the supervisory structure and the responsibilities of FSC and is, as mentioned above, an assessment reflecting the scope of the responsibilities allocated to FSC and not the wider arrangements for supervision and regulation in Gibraltar. Third, as the ICPs consider both the legal arrangements and actual practice, the assessment considers actual experiences during the years 2008 to 2010 inclusive. September 23, 2011 International Association of Insurance Supervisors Supervisory Cooperation and Information Exchange Thematic Self Assessment and Peer Review The International Association of Insurance Supervisors (IAIS) is committed to supporting members in their efforts to strengthen observance of Insurance Core Principles (ICPs), standards and guidance. As part of this commitment, the IAIS is conducting self assessments and peer reviews of observance of the ICPs on a thematic basis. The theme selected for this report is 'Supervisory Cooperation and Information Exchange'. The IAIS is grateful for the participation of Financial Services Commission (FSC) in the thematic self assessment and peer review process. This report has been prepared covering the assessment of observance of the relevant ICPs as they relate to Gibraltar and the specific role and responsibilities allocated to FSC. February 28, 2011 … and focuses on both ICP 5 and relevant essential criteria from other ICPs Assessments reflect the situation at a point in time … For the purposes of the assessment on the theme of 'Supervisory Cooperation and Information Exchange', the ICPs that have been used as the basis for the assessment are those adopted in October 2003. The ICPs are under review and close to final revision. The revisions with respect to this theme are limited and largely editorial so this assessment should be largely consistent with the new ICPs once adopted. This assessment uses the ICPs current at the time of the questionnaire … Page 1 of 20
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Feedback report for:
Jurisdiction: Gibraltar
Based on questionnaire response received:
Methodology: The assessment follows the methodology set out in the more general report.
For the thematic assessment on Supervisory Cooperation and Information Exchange,
the IAIS Insurance Core Principles that are relevant to the theme have been
identified. ICP5 is the main area where cooperation and information exchange is
addressed. There are aspects of other ICPs that also relate to the theme.These are 6
(Licensing), 7 (Suitability of persons), 17 (Group-wide supervision), 27 (Fraud) and 28
(AML/CFT).
The information contained in this report is considered the joint property of Financial Services Commission and the IAIS. For its own
purposes the IAIS will continue to classify this information as Secret. This classification does not however apply to the use of the
information by Financial Services Commission for its own purposes, and Financial Services Commission may reclassify the information
as appropriate for its needs.
Financial Services Commission
SECRET
FINAL
The assessment is developed by taking into account some critical elements. First, the
assessment takes account of the nature of the insurance market in Gibraltar at the
time that the assessment questionnaire was completed. Second, the assessment
takes account of the supervisory structure and the responsibilities of FSC and is, as
mentioned above, an assessment reflecting the scope of the responsibilities allocated
to FSC and not the wider arrangements for supervision and regulation in Gibraltar.
Third, as the ICPs consider both the legal arrangements and actual practice, the
assessment considers actual experiences during the years 2008 to 2010 inclusive.
September 23, 2011
International Association of Insurance Supervisors
Supervisory Cooperation and Information Exchange
Thematic Self Assessment and Peer Review
The International Association of Insurance Supervisors (IAIS) is committed to supporting members in their
efforts to strengthen observance of Insurance Core Principles (ICPs), standards and guidance.
As part of this commitment, the IAIS is conducting self assessments and peer reviews of observance of the
ICPs on a thematic basis. The theme selected for this report is 'Supervisory Cooperation and Information
Exchange'. The IAIS is grateful for the participation of Financial Services Commission (FSC) in the thematic
self assessment and peer review process. This report has been prepared covering the assessment of
observance of the relevant ICPs as they relate to Gibraltar and the specific role and responsibilities allocated
to FSC.
February 28, 2011
… and focuses on
both ICP 5 and
relevant essential
criteria from other
ICPs
Assessments reflect
the situation at a
point in time …
For the purposes of the assessment on the theme of 'Supervisory Cooperation and
Information Exchange', the ICPs that have been used as the basis for the assessment
are those adopted in October 2003. The ICPs are under review and close to final
revision. The revisions with respect to this theme are limited and largely editorial so
this assessment should be largely consistent with the new ICPs once adopted.
This assessment uses
the ICPs current at
the time of the
questionnaire …
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→
→
→
→
In the case of …
In the case of …
→
ICP assessments are, by their nature, based on circumstances at a point in time. In
particular, with respect to this thematic assessment, the assessment reflects legal
conditions, supervisory arrangements and practices, and the nature of the insurance
market itself. Any changes to any of these aspects could alter the resulting overall
assessment. This assessment is based on questionnaire responses from the Financial
Services Commission on the date shown.
The review concentrated on home (and host) supervisory roles created as a
result of (re)insurers licensed or supervised by FSC either operating branches
in other jurisdictions or as branches in Gibraltar, having subsidiaries that they
own or control that operate as (re)insurers or banks or other non-insurance
financial sector entities or being subsidiaries in such cases. In the case of
banks or other non-insurance financial sector entities, the review considered
those that operate inside and outside Gibraltar.
did not apply given market and
supervisory structures.
did apply given market and
supervisory structures.
did not apply given market and
supervisory structures.
did not apply given market and
supervisory structures.
The FSC has indicated, regarding responsibility for the function of supervising
anti-money laundering and combating the financing of terrorism (AML/CFT),
that it is responsible with respect to both (re)insurers and agents, brokers and
other distribution channels. This aspect of the assessment is most relevant for
ICP 28.
The FSC, at the time of the assessment, did have a home supervisory role.
FSC indicated this home
supervisory role ...
(re)insurers that are licensed or
supervised by FSC own or control banks or
other non-insurance financial sector
entities in other jurisdictions …
(re)insurers that are licensed or
supervised by FSC own or control banks or
other non-insurance financial sector
entities in Gibraltar …
The FSC indicated it is responsible for issuing licenses to (re)insurers in
Gibraltar. Relevant essential criteria are included in this assessment as it
relates to the responsibilities of the FSC.
The scope of supervisory functions are particularly relevant when assessing criteria
as 'not applicable' or otherwise. Current market circumstances and supervisory
responsibilities of FSC implied in the responses to questions indicated ...
including the scope
of supervisory
functions …
The assessment is developed by taking into account some critical elements. First, the
assessment takes account of the nature of the insurance market in Gibraltar at the
time that the assessment questionnaire was completed. Second, the assessment
takes account of the supervisory structure and the responsibilities of FSC and is, as
mentioned above, an assessment reflecting the scope of the responsibilities allocated
to FSC and not the wider arrangements for supervision and regulation in Gibraltar.
Third, as the ICPs consider both the legal arrangements and actual practice, the
assessment considers actual experiences during the years 2008 to 2010 inclusive.
(re)insurers that are licensed or
supervised by FSC operate insurance
subsidiaries in other jurisdictions …
(re)insurers that are licensed or
supervised by FSC operate insurance
branches in other jurisdictions …
FSC indicated this home
supervisory role ...
and market
composition and
supervisory structure
…
The FSC, at the time of the assessment, did have a host supervisory role.
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In the case of …
Summary Results of Assessment
ICP 5
ICP 6
ICP 7
ICP 17
ICP 27
Some essential criteria for this ICP were assessed. The overall conclusion, taking into
account only the aspects of the core principle that are relevant to this theme, is
'Observed'.
Some essential criteria for this ICP were assessed. The overall conclusion, taking into
account only the aspects of the core principle that are relevant to this theme, is
'Observed'.
All essential criteria for this ICP were assessed. The overall conclusion is that the core
principle is 'Observed'.
Some essential criteria for this ICP were assessed. The overall conclusion, taking into
account only the aspects of the core principle that are relevant to this theme, is
'Observed'.
One essential criterion for this ICP was assessed. The overall conclusion, taking into
account only the aspect of the core principle that is relevant to this theme, is
'Observed'.
FSC indicated this host supervisory
role ...
The report is based
on the questionnaire
answers…
and has been
prepared for the
Financial Services
Commission.
(re)insurers that are licensed or
supervised by FSC are subsidiaries of
(re)insurers that are licensed or
supervised by other insurance supervisors
…
did apply given market and
supervisory structures.
This report has been prepared on the basis that it is confidential. The results have
been used as input to a broader report issued by the IAIS but individual assessment
results for each member/jurisdiction are not disclosed by the IAIS. However, the IAIS
recognises that Financial Services Commission may choose to make this report public
or to provide it to third parties.
(re)insurers that are licensed or
supervised by FSC are owned or
controlled by banks or other non-
insurance financial sector entities in
Gibraltar …
did apply given market and
supervisory structures.
did not apply given market and
supervisory structures.
This report has been prepared based on the responses provided by Financial Services
Commission to a detailed questionnaire and relies on the accuracy of those
responses. Although a draft was provided for review, no other separate attempt to
validate or verify the responses has been included as part of this peer review process.
(re)insurers that are licensed or
supervised by FSC are branches of
(re)insurers that are licensed or
supervised by other insurance supervisors
…
(re)insurers that are licensed or
supervised by FSC are owned or
controlled by banks or other non-
insurance financial sector entities in other
jurisdictions …
did apply given market and
supervisory structures.
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ICP 28
Detailed Results of Assessment
ICP 5 Supervisory cooperation and information sharing
Assessment Note: All of the essential criteria have been considered as part of this assessment.
Assessment: Observed
Elaboration:
Assessment: Observed
Elaboration:
Assessment:
Elaboration:
Assessment: Observed
Elaboration:
When reasonably requested and with appropriate safeguards, the supervisory
authority is able to exchange with another supervisor (refer to ICP 7 EC e) the
following:
- relevant supervisory information, including specific information requested and
gathered from a supervised entity
- relevant financial data
- objective information on individuals holding positions of responsibility in such
entities.
One essential criterion for this ICP was assessed. The overall conclusion, taking into
account only the aspect of the core principle that is relevant to this theme, is
'Observed'.
Strict reciprocity is not a requirement for exchange of information.
The home supervisory authority provides relevant information to the host supervisor.
FSC has indicated that it does have sole discretion to enter into agreements with
another authority.
The supervisory authority cooperates and shares information with other relevant
supervisors subject to confidentiality requirements.
Information sharing, whether carried out under formal or informal arrangements,
allows for a two-way flow of information without requiring strict reciprocity in terms
of the level, format and detailed characteristics of the information exchanged.
FSC indicated that it can exchange information In a wide range of circumstances and
cases.
Observed
Essential
Criterion (e)
Essential
Criterion (d)
Essential
Criterion (a)
The existence of a formal agreement with another supervisor is not a prerequisite for
information sharing.
The supervisory authority, at its discretion, can enter into agreements or
understandings with any other financial sector supervisor (“another supervisor”) to
share relevant supervisory information or to otherwise work together.
Essential
Criterion (c)
No formal agreement is required by FSC before exchanging information with another
authority.
Essential
Criterion (b)
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Assessment: Not applicable
Elaboration:
Assessment: Observed
Elaboration:
Assessment: Observed
Elaboration:
Assessment: Not applicable
Elaboration:
Assessment: Observed
Elaboration:
Assessment: Observed
Elaboration:
ICP 6 Licensing
Assessment Note:
There were no relevant changes in the review period.
There are procedures in place.
Essential
Criterion (f)
The supervisory authority is required to take reasonable steps to ensure that any
information released to another supervisor will be treated as confidential by the
receiving supervisor and will be used only for supervisory purposes.
The home supervisory authority informs relevant host supervisors of any material
changes in supervision that may have a significant bearing on the operations of
foreign establishments operating in their jurisdictions.
Essential
Criterion (g)
FSC takes steps to ensure both confidentiality and supervisory purposes are in place.
The supervisory authority consults with another supervisor if it proposes to take
action on the evidence of the information received from that supervisor.
Arrangements for consultation are in place.
Where possible, the host supervisory authority informs the home supervisor in
advance of taking any action that will affect the parent company or headquarters in
the home supervisor’s jurisdiction.
Essential
Criterion (h)
Only some of the elements of some of the essential criteria have been considered as
part of this assessment.
Essential
Criterion (b)
Essential
Criterion (i)
The authorities indicated that there were no instances that would have required
providing relevant information to host supervisors during the period under review.
Where possible, the home supervisory authority informs the host supervisor in
advance of taking any action that will affect the foreign establishment in the host
supervisor’s jurisdiction.
Essential
Criterion (j)
An insurer must be licensed before it can operate within a jurisdiction. The
requirements for licensing are clear, objective and public.
There are procedures in place.
Clear, objective and public licensing criteria require:
- ...
- input from the applicant’s home supervisory authority when the insurer or its
owners are not domestic and a home supervisory authority exists (refer to ICP 5).
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Assessment: Observed
Elaboration:
Assessment: Observed
Elaboration: There are arrangements in place for consultation.
Assessment: Observed
Elaboration:
ICP 7 Suitability of persons
Assessment Note:
Assessment: Observed
Elaboration:
ICP 17 Group-wide supervision
Assessment Note:
Essential
Criterion (d)
Essential
Criterion (e)
Only some of the elements of some of the essential criteria have been considered as
part of this assessment.
If a foreign insurer is allowed to carry on business in the jurisdiction the supervisory
authority must be provided with the following data:
- confirmation from the home supervisory authority that the insurer is authorised to
carry on the types of insurance business proposed
- information from the home supervisory authority that the insurer is solvent and
meets all the regulatory requirements in the home jurisdiction
...
These information requirements might be waived if insurance is offered on a services
basis only.
Essential
Criterion (f)
The significant owners, board members, senior management, auditors and actuaries
of an insurer are fit and proper to fulfil their roles. This requires that they possess the
appropriate integrity, competency, experience and qualifications.
The supervisory authority supervises its insurers on a solo and a group-wide basis.
There are arrangements in place for the intended information exchanges.
... The creation of a cross border establishment should be subject to consultation
between the host and home supervisor.
Public criteria includes consultation with an applicant's home supervisory authority.
Only some of the elements of some of the essential criteria have been considered as
part of this assessment.
Powers and procedures are in place for exchange of information for all key
functionaries.
The supervisory authority exchanges information with other authorities inside and
outside its jurisdiction where necessary to check the suitability of persons. The
supervisory authority uses this information as an additional tool to effectively assess
the fitness and propriety of, or to obtain information on, a key functionary of an
insurer (refer to ICP 5).
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Assessment:
Elaboration: There has been cooperation of this kind during the review period.
Assessment:
Elaboration:
Assessment:
Elaboration:
ICP 27 Fraud
Assessment Note:
Assessment:
Elaboration:
Assessment: Observed
Elaboration:
ICP 28 Anti-money laundering, combating the financing of terrorism
There were no cases during the review period.
Where different supervisory authorities are responsible for different parts of a group
or conglomerate appropriate co-operation and co-ordination exists. The supervisory
responsibilities of each authority are well-defined and leave no supervisory gaps.
Observed
The supervisory authority co-operates with other supervisory authorities including, as
appropriate, in other jurisdictions in countering fraud.
Essential
Criterion (g)
Essential
Criterion (a)
Powers and procedures for both local and foreign cooperation are in place.
Only some of the elements of some of the essential criteria have been considered as
part of this assessment.
The supervisory authority has the powers and resources to ... communicate as
appropriate with enforcement authorities, as well as with other supervisors, to deter,
detect, record, report and remedy fraud in insurance.
Observed
The supervisory authority requires that insurers and intermediaries take the
necessary measures to prevent, detect and remedy insurance fraud.
The authorities indicated positive steps are taken to ensure supervisory
responsibilities are well defined and address any issues regarding the potential for
supervisory gaps.
Essential
Criterion (c)
Essential
Criterion (e)
All relevant criteria were either 'Observed' or not applicable.
The supervisory authority requires insurers and intermediaries, at a minimum those
insurers and intermediaries offering life insurance products or other investment
related insurance, to take effective measures to deter, detect and report money
laundering and the financing of terrorism consistent with the Recommendations of
the Financial Action Task Force on Money Laundering (FATF).
Essential
Criterion (b)
Host supervisory authorities avoid uncooperative behaviour with home supervisory
authorities so as not to hinder effective supervision of groups and conglomerates
(refer to ICP 5 EC i).
Observed
… The supervisory authorities co-operate to avoid unnecessary duplication.
Observed
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Assessment Note:
Assessment: Observed
Elaboration:
Essential
Criterion (a)
The measures required under the AML/CFT legislation and the activities of the
supervisors should meet the criteria under those FATF Recommendations applicable
to the insurance sector.
Cooperation on AML/CFT matters is assessed as complete.
Only some of the elements of some of the essential criteria have been considered as
part of this assessment.
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Authority's Response
The IAIS considers that a key principle that is part of the self assessment and peer review process is the
opportunity for jurisdictions to provide a response to be recorded as part of the report to indicate whether
they have any views regarding the outcome of the assessment and to indicate if and how they propose to
improve observance. The "Authority's Response" is reproduced as follows:
Regulatory co-operation is vital in that it allows authorities to effectively supervise international financial
institutions as well as to be able to move speedily to protect the financial system and consumers from
criminal and other illicit activities. Exchange of information and co-operation are some of the benchmarks
upon which financial centres are judged. Gibraltar has been recognised internationally as a jurisdiction with
a robust and effective regulatory environment with a good long standing reputation for co-operation.
The FSC works hard to ensure that it complies with the highest international standards of best practice of
regulatory co-operation. The FSC maintains ongoing active involvement with the International Association of
Insurance Supervisions and supports and endorses the work being undertaken by the IAIS through the
development of its Thematic Self-Assessment and Peer review programmes to support implementation of all
the IAIS' Insurance Core Principles.
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Annex: Questionnaire and Responses
3 YES
4 YES
5 YES
6
a) (re)insurers that are licensed or supervised by FSC? YES
b) agents, brokers and other distribution channels? YES
7 NO
8 YES
9 Not applicable
10 NO
11 YES
12 YES
13 YES
14 Not applicable
15 NO
16
a)
The question is not applicable.
Do any foreign banks or other non-insurance financial sector entities own or control
(re)insurers that are licensed or supervised by FSC?
The question is not applicable.
Is FSC required, by law, procedure or practice, to have a formal agreement in place
with another supervisor before FSC can share information (confidential or otherwise)
with that other supervisor?
Do any (re)insurers that are licensed or supervised by FSC own or control banks or
other non-insurance financial sector entities established OUTSIDE Gibraltar?
Are any (re)insurers that are licensed or supervised by FSC and operating as locally
incorporated entities in Gibraltar owned or controlled by foreign (re)insurers?
Do any foreign (re)insurers operate branches in Gibraltar that are licensed or
supervised by FSC?
If FSC is approached with a request for information of the nature set out in each of the questions
below from another supervisor in another jurisdiction would FSC be in a position to respond
without other action, or after assessing confidentially issues, or with other conditions such as
reciprocity or other requirements, or after establishing a formal agreement, or not at all?
Is a (re)insurer that is licensed or supervised by FSC meeting the solvency,
provisioning, and other financial requirements?
Other response
(elaborated)
This annex records the responses of the Financial Services Commission (FSC) that were used as the basis of
the peer review assessment. The questions not shown in this annex were for identification purposes only.
Do any (re)insurers that are licensed or supervised by FSC have branch operations
that provide insurance services outside Gibraltar?
Is FSC responsible for the supervision of banks or other non-insurance financial sector
entities in your jurisdiction?
Is FSC responsible for the function of licensing (re)insurers in Gibraltar?
Does FSC have the main responsibility given to it under legislation in Gibraltar for supervising anti-
money laundering and combating the financing of terrorism (AML/CFT) regarding ...
Is FSC responsible for the function of supervising market conduct or agents, brokers
and other distribution channels in Gibraltar?
Do any (re)insurers that are licensed or supervised by FSC have subsidiaries that
provide insurance services outside Gibraltar?
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Explanation:
b)
Explanation:
In relation to a disclosure to a EEA supervisor the disclosure must be in accordance with
relevant sections of the EU Third Non-Life Directive, Long-Term Directive or Reinsurance
Directive. A non EEA State disclosure is not permitted unless the FSC is satisfied that the
Authority is subject to restrictions on further disclosures equivalent to those in Gibraltar
legislation / EU directives.
FSC has gathered information on the valuation of particular assets as part of
an on site inspection including an independent valuation report (not released
by the company to the general public) that the (re)insurer used as the basis
for its valuation in its accounts. Could FSC provide a copy of this report to a
supervisor in another jurisdiction?
Other response
(elaborated)
In relation to a disclosure to a EEA supervisor the disclosure must be in accordance with
relevant sections of the EU Third Non-Life Directive, Long-Term Directive or Reinsurance
Directive. A non EEA State disclosure is not permitted unless the FSC is satisfied that the
Authority is subject to restrictions on further disclosures equivalent to those in Gibraltar
legislation / EU directives.
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c)
Explanation:
d)
Explanation:
17 YES
18
Explanation:
19 YES
In relation to a disclosure to a EEA supervisor the disclosure must be in accordance with
relevant sections of the EU Third Non-Life Directive, Long-Term Directive or Reinsurance
Directive. A non EEA State disclosure is not permitted unless the FSC is satisfied that the
Authority is subject to restrictions on further disclosures equivalent to those in Gibraltar
legislation / EU directives.
In relation to a disclosure to a EEA supervisor the disclosure must be in accordance with
relevant sections of the EU Third Non-Life Directive, Long-Term Directive or Reinsurance
Directive. A non EEA State disclosure is not permitted unless the FSC is satisfied that the
Authority is subject to restrictions on further disclosures equivalent to those in Gibraltar
legislation / EU directives.
On one occasion a partial response was provided because the FSC was of the view that not all
the information had been requested for supervisory purposes to exercise functions
corresponding to those of the FSC.
a (re)insurer in Gibraltar has appointed a key functionary (board member,
senior manager, actuary or auditor) who is also proposed to be a key
functionary of a subsidiary in another jurisdiction. The other jurisdiction has
written to FSC seeking a view on his suitability.
Other response
(elaborated)
In its role as an insurance supervisor, has FSC had any requests either in person or by
email or letter or other correspondence from other supervisory authorities during
the years 2008 to 2010 inclusive seeking information (confidential or otherwise) from
FSC to be shared with them?
a (re)insurer in Gibraltar is seeking a license for a subsidiary operation in
another country. The supervisor in the other country has asked for FSC's view
on whether it operates according to sound business principles, complies with
supervisory requirements, and has effective management systems in place.
Other response
(elaborated)
Regarding the requests that FSC received from other supervisory authorities noted in
your response to question 17 did FSC share complete or full information in response
to these requests?
Yes, sometimes, but
not every time, or
not always in full.
Has FSC made any requests for information (confidential or otherwise) to other
authorities during the years 2008 to 2010 inclusive?
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20
Explanation:
21 YES
22
Explanation:
23 YES
24 YES
Explanation:
25 YES
On one occasion the other supervisory body provided a tardy response and, on a second
occasion, no response at all.
The action taken had no direct impact on the jurisdiction of the Authority providing the
information". The FSC's suggested amendment is "The information requested from other
jurisdictions related to due diligence enquiries. As the other Authority did not identify any
adverse information the FSC did not consider it relevant to advise the other regulator of its
decision to approve the respective applications. The FSC considers this approach to be
standard practice.
No comment
You have indicated in question 20 that FSC has received information from other
supervisors during the years 2008 to 2010 inclusive. Did FSC take action based on the
evidence in the information it received?
Regarding the information requests made that are referred to in question 19, was the
information that was requested provided in full and in a timely manner for all
requests?
Yes, it was provided
sometimes or not
always in a full or
timely manner
With respect to the actions indicated in your response to question 21 did FSC consult
with the supervisor that provided the information before taking the action?
No
Can FSC enter into agreements or understandings with any other financial sector
supervisor at FSC's absolute discretion? (Answer '2=No' if FSC refers to someone
outside FSC by law or by practice).
Has FSC, during the years 2008 to 2010 inclusive, been approached for information
(confidential or otherwise) from another supervisory authority (within or outside
your jurisdiction) and been unable to respond and provide the information in full?
Does FSC assess whether or not the confidential information that it provides will
remain so when FSC shares it with another supervisor?
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26 YES
27 NO
28
Explanation:
29 NO
30
31
32
33
34
a) Significant Owners YES
b) Board members YES
c) Senior Management YES
d) Auditors YES
e) Actuaries YES
35
Does FSC have the legal power to exchange information (confidential or otherwise) with other authorities
inside and outside Gibraltar to check the suitability of ...
Does FSC assess whether or not information (confidential or otherwise) that it
provides will be used for supervisory purposes only?
Does FSC require strict reciprocity in terms of the level, format, and / or detailed
characteristics before it can exchange information (confidential or otherwise)?
Do public licensing criteria require FSC to seek input from an applicant's home
supervisory authority when a (re)insurer that is to be licensed by FSC is owned or
controlled by foreign interests?
YES
Has FSC considered any applications for licenses from (re)insurers owned or
controlled by foreign interests (branches or locally incorporated) during the years
2008 to 2010 inclusive?
The question is not applicable. Not applicable
Although FSC did not consider any applications for licenses from (re)insurers that are
owned or controlled by foreign interests (as indicated in question 29), do FSC's
procedures require confirmation from the home supervisors that the (re)insurers are
authorised to carry on the types of insurance business proposed?
Not applicableThe question is not applicable.
Although FSC did not consider any applications for licenses from (re)insurers that are
owned or controlled by foreign interests (as indicated in question 29), do FSC's
procedures require information from the home supervisors that the a (re)insurer are
solvent and meet all regulatory requirements in the home jurisdiction?
YES
YES
No elaboration required given the answer selected.
Did FSC exercise the powers referred to in question 34 during the years 2008 to 2010 inclusive with
respect to …
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a) Significant Owners YES
Explanation:
b) Board members YES
Explanation:
c) Senior Management YES
Explanation:
d) Auditors NO
Explanation:
e) Actuaries YES
Explanation:
There have been no circumstances that required information exchange. Should any
circumstances arise the FSC would exercise its powers.
No elaboration required given the answer selected.
No elaboration required given the answer selected.
No elaboration required given the answer selected.
No elaboration required given the answer selected.
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36 YES
37
a) be well defined?
b) leave no supervisory gaps?
38
a) with enforcement authorities in Gibraltar? YES
b) with other supervisors? YES
39
a) with enforcement authorities in Gibraltar? YES
b) with other supervisors? YES
40
a) with enforcement authorities in Gibraltar?
Explanation:
b) with other supervisors?
Explanation:
Has FSC co-operated with other supervisors (other insurance supervisors, foreign
banking supervisors, AML/CFT etc.) during the years 2008 to 2010 inclusive, to avoid
unneccessary duplication?
How does FSC's co-ordination with other supervisory authorities specifically address the need for each
authority's responsibilities to …
Legislation permits disclosure in accordance with relevant EU Directives to authorities exercising similar functions to
FSC.
Legislation permits disclosure in accordance with relevant EU Directives to authorities exercising similar functions to
FSC.
Has FSC communicated, during the years 2008 to 2010 inclusive with the following authorities, to deter,
detect, record, report and remedy fraud in insurance?
Does FSC have legal powers that include communicating with the following authorities regarding detering,
detecting, recording, reporting, and remedying fraud in insurance?
Does FSC have a procedure that includes communicating with the following authorities regarding
deterring, detecting, recording, reporting, and remedying fraud in insurance?
No
Yes, in every case
No elaboration required given the answer selected.
There have been no circumstances that required such communications.
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41
a) (re)insurers? YES
b) agents, brokers and other distribution channels? YES
42 YES
43 YES
Explanation:
44 YES
Explanation:
45 NO
Explanation:
46 YES
Explanation:
47
a) NO
b) NO
c) NO
d) Not applicable
Were any exchanges of information (confidential or otherwise) on AML/CFT made
during the years 2008 to 2010 inclusive?
Were all the exchanges of information on AML/CFT referred to in your answer to
question 42 made subject to the same conditions that apply to other information
exchange in your jurisdiction?
No elaboration required given the answer selected.
Regarding the exchanges of information on AML/CFT during the years 2008 to 2010
inclusive, were they made in a rapid, constructive and effective manner?
Were any requests for cooperation on AML/CFT that were made to FSC refused
during the years 2008 to 2010 inclusive?
Has FSC established controls and safeguards to ensure that information (confidential
or otherwise) on AML/CFT is only used in an authorised manner consistent with
national provisions of data protection and privacy?
No elaboration required given the answer selected.
Were there instances, during the years 2008 to 2010 inclusive where FSC proposed to take action in its
supervision of insurers for which it is host supervisor that would have an effect on the parent company or
headquarters?
Cooperation and exchange of information on AML/CFT can involve foreign supervisors regardless of any
home or host relationships. It can also include obtaining information (confidential or otherwise) at their
request, Does FSC have the legal power to do these things in respect of:
No elaboration required given the answer selected.
No elaboration required given the answer selected.
… regarding local subsidiary (re)insurers owned or controlled by (re)insurers in
foreign jurisdictions?
… regarding local branch (re)insurers owned or controlled by (re)insurers in
foreign jurisdictions?
… regarding (re)insurers that are owned or controlled by banks or other non-
insurance financial sector entities in foreign jurisidictions?
Not applicable
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48
a)
b)
c)
d)
49
a) YES
b) YES
c) YES
d) Not applicable
50
a)
b)
c)
d)
51
a) Not applicable
b) NO
c) Not applicable
d) Not applicable
52
Not applicable
Not applicable
Not applicable
Not applicable
Although there were not cases where FSC proposed action as identified in question 47 does FSC have a
procedure in place that would ensure it would inform the relevant home supervisor when action is
proposed ...
The question is not applicable.
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
The question is not applicable
… regarding local subsidiary (re)insurers owned or controlled by (re)insurers in
foreign jurisdictions?
… regarding local branch (re)insurers owned or controlled by (re)insurers in
foreign jurisdictions?
… regarding (re)insurers that are owned or controlled by banks or other non-
insurance financial sector entities in foreign jurisidictions?
Not applicable
Has FSC provided relevant information (confidential or otherwise) to host supervisors at its own initiative
rather than waiting for a request for information during the years 2008 to 2010 inclusive? (Information
may be provided through meetings, or in writing etc.)
Not applicable Not applicable
Supervisors of (re)insurers in other jurisdictions where (re)insurers that are
licensed or supervised by FSC operate branches
Not applicable
Not applicable
NO, NO RELEVANT
INFORMATION IN
THE PERIOD
Not applicable
Not applicable
Have there been any material changes in FSC's supervision of insurers generally or with respect to
particular insurers where FSC is a home supervisor during the years 2008 to 2010 inclusive that may have
had a significant bearing on the operations of …
Not applicable
… another jurisdiction's (re)insurers that operate licensed or supervised by as
branches in Gibraltar?
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a)
b)
c)
d)
53
a) Not applicable
b) No response
c) Not applicable
d) Not applicable
54
a) Not applicable
b) NO
c) Not applicable
d) Not applicable
55
a)
b)
c)
d)
56
a) Not applicable
b) YES
Not applicable
Not applicable
Not applicable
Not applicable
… another jurisdiction's (re)insurers that operate licensed or supervised by as
branches in Gibraltar?
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Although there were no cases of material change, does FSC have procedures in place to ensure that it
would advise relevant supervisors in the event that there are such changes in future?
Not applicable
Not applicable
Were there any instances where, as home supervisor, FSC proposed to take action in its supervision of a
(re)insurer during the years 2008 to 2010 inclusive that may have had a significant bearing on the
operations of …
Not applicable
Although there were no cases where it was proposed that action be taken as mentioned in question 54
does FSC have procedures in place that would ensure that it informed the host supervisor(s)?
Not applicable
Supervisors of (re)insurers in other jurisdictions where (re)insurers that are
licensed or supervised by FSC operate branches
… another jurisdiction's (re)insurers that operate licensed or supervised by as
branches in Gibraltar?
Not applicable
Not applicable
The question is not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
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c) Not applicable
d) Not applicable
67
If you wish to make any additional comments on any of the questions or your responses, please do so here:
Supervisors of (re)insurers in other jurisdictions where (re)insurers that are