WRITTEN QUESTION No. 2328/97 by Jesús CABEZÓN ALONSO to the Commission. Authorization for insurance companies based in Gibraltar to operate in the EU
Date: 1997-07-07
Institutions: CABEZON ALONSO, European Parliament
Subjects: Gibraltar, United Kingdom, application of EU law, code of conduct, competition law, credit institution, fraud, insurance company, tax avoidance, tax system

16. 4. 98

EN

Official Journal of the European Communities

C 117/11

(98/C 117/13)

WRITTEN QUESTION E-2328/97

by Jesu·s Cabezo·n Alonso (PSE) to the Commission

(7 July 1997)

Subject: Authorization for insurance companies based in Gibraltar to operate in the EU

The  United  Kingdom  has  granted  authorization,  through  the  Gibraltar  Financial  Services  Commission,  for
insurance companies based in Gibraltar to operate in the countries of the European Union.

Does the Commission not believe that this poses a definite risk of turning Gibraltar into a tax haven?

In granting such authorization, has Community legislation on insurance and financial services been respected?

Answer given by Mr Monti on behalf of the Commission

(24 September 1997)

The Commission has been notified by the United Kingdom of the implementation of all the insurance directives
in  its  dependent  territory  of  Gibraltar.  Directive  95/26/EEC (1)  amending  Directives  77/780/EEC  and
89/646/EEC  in  the  field  of  credit  institutions,  Directives  73/239/EEC  and  92/49/EEC  in  the  field  of  non-life
insurance, Directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field
of  investment  firms  and  Directive  85/611/EEC  in  the  field  of  undertakings  for  collective  investment  in
transferable securities (Ucits), with a view to reinforcing prudential supervision which affects insurance as well
as the other financial sectors, has not yet been fully implemented. The United Kingdom has recently indicated
that the work for such implementation is reaching its final stages.

The Commission is as usual carrying out an examination of the implementing legislation in order to ensure full
consistency  with  the  provisisons  of  the  insurance  directives.  The  legislation  in  question  is  confined  to  the
supervision of insurance activities and undertakings, and does not concern tax matters.

In the context of the current efforts to combat harmful tax competition, a code of conduct is envisaged, which is
designed  to  avoid  fiscal  paradises  in  the  Community.  Such  code  would  also  apply  to  Gibraltar.  Additional
measures  on  taxation  of  savings  may  also  be  proposed  as  part  of  a  wider  tax  package  foreseen  in  the  single
market action plan. The cope and coverage of this package will be discussed over the coming months and it is
hoped that an appropriate agreement will limit the scope for harmful tax competition.

(1)  OJ L 168, 18.7.1995.

(98/C 117/14)

WRITTEN QUESTION E-2336/97

by Alexandros Alavanos (GUE/NGL) to the Commission

(7 July 1997)

Subject: Violation  of  individual  liberties  and  citizens(cid:146)  rights  through  the  implementation  of  the  Schengen

Agreement

In a resolution adopted on 11.3.1997 (1), the European Parliament points out repeatedly that the implementation
of the provisions of the Schengen Agreement violates individual and civil rights and restricts immigration and
the freedom of movement within the Union of citizens of third countries who are legally resident in the European
Union;  it  also  notes  that  the  implementation  of  the  Schengen  Information  System  infringes  the  individual
liberties of citizens and their private lives and even results in the arrest of innocent people registered without any
reason in the SIS. Furthermore, it is profoundly concerned at the fact that the implementation of this Agreement
is not subject to any parliamentary or judicial control.