Regulatory Alerts2025-12-22
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GFSC Guidance Note Solvency 2: Applying EIOPA Set 2, System of Governance and ORSA Guidelines
The Gibraltar Financial Services Commission issued this guidance note to set expectations for insurance and reinsurance undertakings regarding compliance with EIOPA's Set 2, System of Governance, and ORSA Guidelines. The document mandates proportionate adherence to these standards while providing specific commentary on asset valuation, reporting for composite firms, and the preparation of the Single Solvency and Financial Condition Report. It further requires firms to assess risks on a forward-looking basis and reflect their specific risk profiles and governance mechanisms within their ORSA processes.
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