Barry beat me to it, but yea, it's been painted and needs to be stripped. That being said, I DA the paint off. Start with 80 grit and sand all the top coats off till you are down to the original base coat. Then switch over to 120 grit and remove all the original base. Try to not go thru the black looking "primer" as that is the urethane coating that is put on the SMC panels when they are made. Sanding the paint off can be scary as you can ruin a panel in a heart beat. The main thing is to go slow and deliberate and watch carefully what you are doing. No "special" paint required.
I personally first seal with 2 good coats of epoxy (SPI being the best I've been able to find). The next day shoot 3 coats of a good 2K primer and let that sit a few days and start blocking with 180 grit to smooth any ripples. A guide coat sprayed on the 2K prior to blocking will help find any low or bad spots. If you have plenty of primer left on the car after the 180 blocking, re guide coat and sand the 180 scratches out with 320 grit. Seal with epoxy, shoot base and clear. This is a slightly condensed version, so if you have any questions, just ask.
If your fiberglass has any cracks, they need to be repaired with fiberglass MAT( not cloth) and SMC resin. Check to make sure that any materials you use for repair are for SMC, or the repair will fail down the road.
Hope this helps.