Regulatory Alerts2025-12-22
GFSC Guidance Note Solvency 2: Own Risk and Solvency Assessment
The Gibraltar Financial Services Commission issues this guidance to define regulatory expectations for insurance and reinsurance undertakings regarding their Own Risk and Solvency Assessment processes. The document mandates that firms produce forward-looking supervisory reports that integrate business strategy, comprehensive risk identification, and capital adequacy assessments. It further requires board ownership of the ORSA framework, the use of stress and reverse stress testing, and specific reporting standards for both internal model and standard formula users.
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