Gib and UK work on insurance regulatory alignment
The UK and Gibraltar Governments are pressing ahead with work to ensure post-Brexit regulatory alignment in the insurance sector, a key element of the commitment to continued UK market access for Gibraltar-based firms.
To this end, the UK Treasury and the Gibraltar Government have engaged Deloitte to work on a diagnostic assessment of the Gibraltarian insurance regulatory regime, against the benchmark of the UK regulatory regime.
“The work will help the two governments in ensuring alignment of regulatory outcomes in the insurance sector,” a Gibraltar Government spokesman told the Chronicle.
“This will involve a new, modernised agreement on market access for Gibraltar to be introduced after 2020 and based on shared, high standards of regulation, and underpinned by information-sharing, transparency and regulatory co-operation,” the spokesman explained.
This follows the publication of a letter from HM Treasury inviting firms to bid to undertake the consultancy work.
Deloitte was appointed to oversee this consultancy work on June 20.
The letter stated that the UK and Gibraltar Governments have agreed that Gibraltar’s continued access to UK financial services will be underpinned by mutual confidence in regulatory standards, supervisory capacities and capabilities; and commitment both to information sharing specifically and to joint regulatory working more generally.
It added that the UK Government has been clear on its commitment to maintaining Gibraltar’s access to the UK insurance market on current terms until 2020, in addition to its commitment to parity of regulatory outcomes with the UK.
This work will be a tool for ensuring the Gibraltar Government and the Gibraltar Financial Services Commission are attaining these goals and supporting the long-term relationship between Gibraltar and the UK in financial services, the letter added.