Regulatory Alerts2025-03-17
GFSC Guidance Note on Solvency 2: Expectations for meeting the internal model requirements for insurers
The Gibraltar Financial Services Commission issued this guidance note to define regulatory expectations for insurers and reinsurers utilizing internal models to calculate their Solvency Capital Requirement under the 2020 and 2025 regulations. The document mandates rigorous standards for data accuracy, model validation processes, and comprehensive documentation, while requiring annual attestations from senior management regarding compliance. It further specifies requirements for managing model changes, incorporating new risks, and documenting circumstances where internal models may not function effectively.
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