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International Monetary Fund

domestic industry. The majority of insurers are either captives or are passporting third party business into the United Kingdom The published market statistics are therefore limited. Analysis is mainly qualitative and relies on external information focused on EU markets. The FSC does pay attention to the published analysis and trends in those markets where Gibraltar insurers operate. The submission of accounts and statements and the preparation of annual accounts are detailed in Sections 50 and 52 of the Insurance Companies Ordinance. Although there are only a few

International Monetary Fund
This paper examines Gibraltar’s Detailed Assessment Report of the Observance of the Insurance Core Principles. Foreign establishments operating in Gibraltar are all European Union (EU)-based and therefore covered by EU directives, including the directive on freedom of establishment. A key reason for the growth in this sector is the ability of firms licensed in Gibraltar to passport their services to EU member states. The domestic insurance market is, however, quite small with a population in the region of 30,000.
International Monetary Fund
This paper presents Gibraltar’s assessment of Financial Sector Supervision and Regulation including reports on the Observance of Standards and Codes on banking and insurance supervision. The Financial Services Commission has been assigned significant additional resources and has developed a well-structured approach to the management of its resources that includes a risk-based approach to supervision. The assessment found a high standard of compliance with the Basel Core Principles for banking supervision.
International Monetary Fund

-site inspection of insurance companies and insurance managers following a risk based approach . The FSC has confirmed that attention is being given to increasing the number of supervisors as well as to training of supervisors to achieve a higher rate of on-site inspections in a growing sector. While consumer protection is available to those policy holders in Gibraltar who are insured with U.K. companies and for U.K. policy holders insured with Gibraltar insurers, it is recommended that consideration be given to the introduction of legislation to provide protection to domestic