Regulatory Alerts2020-11-23
Guidance on Requesting Disclosure Derogation Under FRS 103
The Guernsey Financial Services Commission issues guidance allowing Category 5 Captive (Re)Insurers and Protected Cell Companies to request a derogation from additional FRS 103 disclosure requirements. Eligible licensees must apply under section 35(6) of the Insurance Law, elect for audit exemption under the Companies Law, and agree to a licence condition preserving directors' reporting responsibilities. The Commission will amend the audit opinion basis from 'true and fair' to 'properly prepared' to reflect the exclusion of these specific disclosures.
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