Regulatory Alerts2025-03-31
GFSC Guidance Note on Financial Reporting Standards for Insurers
The Gibraltar Financial Services Commission issued this guidance to clarify the applicability of a derogation allowing insurers to use Gibraltar Financial Reporting Standards instead of UK-adopted international accounting standards. The document details specific conditions under which firms may recognize and value assets and liabilities under GFRS, provided such methods are consistent with the Insurance Companies Regulations and proportionate to the firm's complexity. It further provides a comprehensive table outlining which GFRS chapters are permitted, restricted, or prohibited for solvency reporting purposes.
Share