Regulatory Alerts2025-06-09
GFSC Guidance Note on Solvency 2 Own Funds Approvals
The Gibraltar Financial Services Commission issued this guidance to outline its approach to granting, varying, or revoking regulatory approvals for insurance and reinsurance undertakings under Solvency 2. The document details specific requirements for prior approval of own funds repayments, ancillary own funds classifications, and actions taken during non-compliance with the Solvency Capital Requirement. It mandates that firms submit comprehensive applications with supporting evidence regarding counterparty status and recoverability, with the regulator committing to determine complete applications within three months.
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