Regulatory Alerts2020-11-23
Guidance Note on Internal Models
The Guernsey Financial Services Commission issues this guidance to outline the criteria and procedures for entities seeking approval to use internal models for regulatory solvency purposes instead of the Guernsey Standard Formula. The document distinguishes between initial Internal Model Assessment Reports for new models and Reassessment Reports for previously approved models, both of which must be prepared by an independent actuary. Licensees are required to bear all associated costs and fees for the Commission's approval process, with the target criteria aligned with IAIS core principles to ensure adequate policyholder protection.
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