Managers of Gibraltarian insurance companies are set be quizzed next week as part of an independent financial review.

It is understood that the head of the review, Richard Pratt, will be quizzing many of the bosses of Gibraltar-based insurance companies.

Gibralterian companies that write business in the UK have caused a stir among their UK-based competitors. The UK competitors claim that the FSA in the UK demands much higher solvency margins than those implemented in Gibraltar. It is understood that since new Gibraltar Financial Services Commissioner Chris Collins took over last year, solvency requirements have stiffened as risk-based capital requirements have been adopted.

The review is intended to check that regulatory controls and standards are being adequately implemented by the authorities and the companies based in Gibraltar.