Regulatory Alerts2025-03-28
GFSC Guidance Note on Remuneration Requirements for Insurers
The Gibraltar Financial Services Commission issued this guidance to direct significant insurers on complying with Article 275 of the Solvency 2 Technical Standards regarding remuneration policies. The document mandates that firms identify specific staff as Solvency 2 personnel, defer at least 40% of variable remuneration for a minimum of three years, and base performance assessments on balanced financial and non-financial criteria. While proportionality principles allow smaller firms to adapt these requirements, systemic insurers are expected to meet or exceed these standards to ensure risk-aligned compensation structures.
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