International Association of Insurance Supervisors ... · the IAIS Insurance Core Principles that are relevant to the theme have been ... and actual practice, the assessment considers

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






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 …


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.


supervised by FSC operate insurance

subsidiaries in other jurisdictions …


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'.



'Observed'.

All essential criteria for this ICP were assessed. The overall conclusion is that the core

principle is 'Observed'.



'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.


supervised by FSC are subsidiaries of


supervised by other insurance supervisors

…



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.


supervised by FSC are owned or

controlled by banks or other non-

insurance financial sector entities in

Gibraltar …





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.


supervised by FSC are branches of


supervised by other insurance supervisors

…


supervised by FSC are owned or

controlled by banks or other non-

insurance financial sector entities in other

jurisdictions …



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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:


Elaboration:

Assessment:

Elaboration:


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:


Elaboration:


Elaboration:

Assessment: Not applicable

Elaboration:


Elaboration:


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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Elaboration:


Elaboration: There are arrangements in place for consultation.


Elaboration:

ICP 7 Suitability of persons

Assessment Note:


Elaboration:

ICP 17 Group-wide supervision

Assessment Note:

Essential

Criterion (d)

Essential

Criterion (e)



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.



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:


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.



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:


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.



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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?


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)






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c)

Explanation:

d)

Explanation:

17 YES

18

Explanation:

19 YES











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.





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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


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?


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?


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:



… 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


… 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 ...


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


… regarding local branch (re)insurers owned or controlled by (re)insurers in


… 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



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





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

Page 19 of 20

... SECRET..

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:



Not applicable

Not applicable

Page 20 of 20

Documents

International Association of Insurance Supervisors ... · the IAIS Insurance Core Principles that are relevant to the theme have been ... and actual practice, the assessment considers