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Insurance Companies - Dear CEO Letters

2013 Systems of Controls to prevent financial crime
With the bringing into effect of the Crimes Act 2011 a number of new and revised financial crimes were introduced into the statute books. This letter aims to provide regulated firms with guidance on our expectations of the systems of control that we expect to see in regulated firms in this respect.
2013 Dear CEO letter Insurance Companies on capital reserving risk management and corporate governance
2013 Dear CEO letter Insurance Companies - EIOPA Guidelines - FLAOR
2013 Dear CEO letter Insurance Companies - EIOPA Guidelines – Submission of information
Sent to all firms falling within the 50% and 80% thresholds as defined in the EIOPA Guidelines.
2014 Dear CEO letter Insurance Companies - EIOPA Guidelines - Regular Self Assessments
2014 Dear CEO letter Insurance Companies – Self-Assessments and Solvency 2 Plans
2015 Dear CEO letter Insurance Companies - Annual Return Checklist for General Insurers and Reinsurers
2016 Dear CEO letter - GFSC SII Engagement
2017 Dear CEO letter Insurance Companies - Quality Assurance on Solvency II returns
2017 Dear CEO letter - Key Areas of Focus for Insurance Company Boards

Insurance Companies - Forms and Returns

Became a Controller in a licensed institution
Ceased as a Controller of a licensed institution
Shareholders & Controllers proposing to increase holdings If you hold 10% or more of the shares of an insurer (or of an insurer's parent company), or exercise 10% or more of the insurer's voting power
Shareholders & Controllers proposing to decrease holdings
Proposing to decrease your holding in a licensed insurer If you decrease your shareholding in the insurance company so that you fall into a lower band of shareholder controllership you need to notify the Commission. The relevant bands are : 10% Shareholder Controller (10% or more but less than 20%) 20% Shareholder Controller (20% or more but less than 33%) 33% Shareholder Controller (33% or more but less than 50%) 50% Shareholder Controller (50%) Majority Shareholder Controller (more than 50%) If the decreased holding does not make the total holding fall into a lower band, no action is required.
Reporting the appointment or change of main agent, or reporting the appointment or change of a director of a main agent
Form 1 - General Insurance Business Application
Form 5 - Long Term Business Application
Annual Complaints Handling Form
Qualifying holdings
Pursuant to sections 2A(4)(a) and 39C(4) of the Financial Services (Insurance Companies) Act the Commission is required to make publicly available a list specifying the information that is necessary for the Commisison to make an assessment of an application for the acquisition of or an increase in a qualifying holding of an insurance company and that must be provided to the Commission at the time of the person notifying the Commission of its intention to acquire or increase a qualifying holding. The information required by the Commission is that set out in Notification Doc 2 in respect of an Individual and Notification Doc 6 in respect of a Body Corporate.
Royal Gibraltar Police Vetting Application Form

 

Please note that once an 'Individual Questionnaire' or 'Notifiable Document' has been received from an applicant/firm, the GFSC will complete and submit a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015. This vetting process is conducted internally by the GFSC and bears no cost to the applicant/firm.

Any applicant that has not been ordinarily resident in Gibraltar for the last ten years should provide the GFSC with a report or their criminal record from the relevant authority in the jurisdiction(s) where the applicant has spent a considerable amount of time.

If this report cannot be provided in English, it should  be accompanied by a translation from a certified translator. 

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

 

 

2 Annual returns for general & life insurers and reinsurers
2 Abbreviated Annual Returns for Captive Insurers
For periods commencing on or after 1 January 2004
2 New Returns For General Business Insurers and Reinsurers
For periods ending on or after 14 January 2012
2014 Solvency 2 Self Assessment Template
2014 Solvency 2 Forecast Summary Template
1 2018 Insurance Submission Portal

Access and Submission Procedure

Insurance Companies - Guidance Notes

Own Risk and Solvency Assessment (ORSA) Feedback Document
1 Insurance Companies Act, 1987 Guidance Notes For Applicants To Carry On Insurance Business In Gibraltar
Removed 1st May 2009 and replaced with Universal Application Process.
11 The use of Derivative Contracts in Insurance Funds
This note discusses valuation issues surrounding the use of derivative contracts in those funds of an insurer which are subject to "asset valuation rules."
12 Linked Contracts
This guidance discusses the changes made to the Insurance Companies (Valuation of Assets and Liabilities) Regulations in March 1997. It concentrates on the aspects of linked contracts which are relatively new or potentially problematic.
13 The Insurance Groups Directive Parent Undertaking Solvency Margin Calculation
This guidance relates to the parent undertaking solvency calculation required by the Insurance Groups Directive and implemented by the Insurance Companies (Parent Undertaking Solvency Margin Calculation) Regulations 2004 "the Regulations").
14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive
This Guidance Note provides Guidelines for Gibraltar licensed insurance and reinsurance undertakings or those that have submitted an application for a licence (“undertaking”) on the system of governance which should be in place to ensure that the undertaking meets the criteria of sound and prudent management set out in the Financial Services (Insurance Companies) Act and/or that demonstrates that the undertaking is taking necessary steps to ensure that it will be able to meet the corporate governance requirements established under the Solvency II Directive when that Directive takes effect, currently expected to be 1 January 2016.
2 Outsourcing
Financial Services Guidance Note No. 2
2 Guidance Note on the preparation of annual returns for general business insurers and reinsurers
Intended to assist companies in the preparation of the annual accounts and statements in respect of general business which must be submitted to the Commissioner of Insurance. (Revised on 18/3/2004)
2 Guidance Note on the preparation of annual returns for long term business insurers and reinsurers
Intended to assist companies in the preparation of the annual accounts and statements in respect of long term business which must be submitted to the Commissioner of Insurance. (Revised on 18/3/2004)
2 The Use and Preparation of Abbreviated Annual Returns for Captive Insurers
Sets out the circumstances in which these abbreviated returns may be used and provides guidance in their preparation. (Revised on 18/3/2004)
2 Guidance Notes On The Preparation Of The New Returns For General Business Insurers and Reinsurers
This Guidance Note deals with the requirements for general business insurers and reinsurers who wish to report using the New Returns format.
3 Changes of Notifiable Persons
To explain the way persons (for example, controllers, shareholders, directors, managers and main agents of insurance companies) must be notified to the Commissioner.
4 Valuation of assets
Prepared to assist licensed insurers, their auditors and others who may be concerned in the valuation of an insurer’s assets and liabilities. (This Guidance Note was revised on 19th September 1997)
5 Systems of control over investments (and counterparty exposure), including the use of derivatives
These notes impact, in particular, on an important aspect of the criteria, set out in the third directives, against which it can be judged whether insurers are managing their business in a sound and prudent manner.
6 Systems of control over General Business Claims Provisions
Provides guidance for insurers on the controls which should be in place in order to ensure that the amounts set aside for claims outstanding and for claims handling expenses are appropriately established, properly recorded and effectively monitored.
7 Disclosure of Information relating to Non-Life Contracts
Issued to insurance brokers licensed under the Financial Services Ordinance, as well as to licensed insurers and their advisers. The Note offers guidance on the information which is required, under the third insurance directives, to be given to policyholders.
8 Disclosure of Information Relating to Life Assurance Contracts
Issued to insurance brokers licensed under the Financial Services Ordinance, as well as to licensed insurers and their advisers. The Notes offer guidance on the information which is required, under the third insurance directives, to be given to policyholders.
9 Reporting the use of Derivatives
Deals with the reporting of derivatives as required by regulation 23 and Forms INS 9 of the Insurance Companies (Accounts and Statements) Regulations 1998. (This note was revised in March 1999 to reflect the replacement of the earlier, 1996 Regulations, by the 1998 Regulations).
EIOPA 1 2012 Guidelines on Complaints-Handling by Insurance Undertakings

Pursuant to Guideline 4, the GFSC requires insurance companies to submit an Annual Complaint Handling Form. This should be submitted at the same time as the annual return and should reference the same period.

Please note that the Form should be submitted at the same time as the annual return and should reference the same period.

With respect to complaints received, the GFSC requires that insurance companies acknowledge receipt of complaints within two weeks and provide a final written response within twelve weeks.

EIOPA 1 2014 Guidelines on Forward Looking assessment of own risks (based on the ORSA principles)
EIOPA 2 2014 Guidelines on Pre-Application of Internal Models
EIOPA 3 2014 Guidelines on Submission of Information to National Competent Authorities
EIOPA 4 2014 Guidelines on System of Governance
EIOPA 2015 EIOPA Guidelines
1 2018 IDD Frequently Asked Questions
1 2019 Approach to Insurance Regulation

The GFSC publishes its approach to Insurance Supervision Document following presentations to industry in January 2018

2 2019 IDD Q&A

Insurance Companies - Legislation

ACT 22 2001 The Protected Cell Companies Act, 2001
SI 3084 2001 The Financial Services and Markets Act 2000 (Gibraltar) Order 2001
ACT 16 2004 Insurers (Reorganisation and Winding Up) Act, 2004
ACT 23 2006 Financial Services (Distance Marketing) Act 2006
ACT 11 2007 Financial Services (Temporary Business Continuity) Act 2007
SI 3254 2007 The Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007
LN 73 2007 Financial Services (Temporary Business Continuity) (Fees) Regulations 2007
LN 81 2007 Financial Services (Temporary Business Continuity) Act 2007
Act 1 2010 Counter Terrorism Act
Act 14 2015 Proceeds of Crime Act 2015
ACT 29 2019 Financial Services Act 2019
2020 Financial Services (Insurance Companies) Regulations 2020
2020 Financial Services (Fees) Regulations 2020
2020 Financial Services (Specified Regulatory Decisions) Regulations 2020
2020 Core Rules 2020
2020 Financial Services (Insurance Companies: Special Purpose Vehicles) Regulations 2020 
LN 14 2020 Financial Services (Insurance Companies: Accounts Directive) Regulations 2020  
LN 22 2020 Financial Services (GFSC Complaints) Regulations 2020

Insurance Companies - Newsletters

1 1996 Insurance Guidance Notes
FSC 3 1996 Insurance Managers
1 1997 Insurance Guidance Notes
2 1997 Changes to Insurance Legislation
3 1997 Legislative Changes Affecting Insurance Companies and their Auditors
4 1997 Update on Issues Affecting Insurance Companies Licensed under the Insurance Companies Act
FSC 1 1998 The General Duties and Responsibilities of Directors
1 1999 EMU, the Euro and the Annual Returns - Changes which will affect insurance companies licensed in Gibraltar
2 1999 Abbreviated Returns For Captive Insurers
3 1999 Euro exchange rate for the 12 months commencing 31 December 1999
1 2001 Euro exchange rate for the 12 months commencing 31 December 2000
1 2002 Euro exchange rate for the 12 months commencing 31 December 2001
FSC 1 2002 Fitness and Propriety
2 2002 New Insurance Fees
3 2002 New Solvency Margin Requirements for Life and Non-Life Insurance Companies - transitional arrangements
4 2002 Fourth Motor Insurance Directive
5 2002 Euro exchange rate for the 12 months commencing 31 December 2002
FSC 1 2003 Retrospective "Know Your Customer" Reviews
1 2003 Euro exchange rate for the 12 months commencing 31 December 2003
FSC 2 2003 UN Sanctions: Freeze and transfer of Iraqi assets
1 2004 New insurance fees
2 2004 The Insurance Groups Directive
3 2004 Solvency I Directives
4 2004 Amendments To Insurance Guidance Notes
5 2004 Euro Exchange Rate for the twelve month period commencing 31 December 2004
1 2005 Euro Exchange Rate for the twelve month period commencing 31 December 2005
FSC 1 2006 Risk Assessment Visits - Findings
1 2006 Euro Exchange Rate for the twelve month period commencing 31 December 2006
2 2006 Solvency 1 - Annual Review of the amount of the Minimum Guarantee Fund and the premiums and claims indices
1 2007 New Insurance Fees
2 2007 Euro exchange rate for the 12 months commencing 31 December 2007
FSC 3 2007 Distance Marketing
1 2008 Insurance Fees
2 2008 New Returns for General Business Insurers and Reinsurers
3 2008 Euro Exchange Rate for the twelve month period commencing 31 December 2008
1 2009 Solvency 1 - Annual Review of the amount of the Minimum Guarantee Fund and the premiums and claims indices
3 2009 Euro Exchange Rate for the twelve month period commencing 31 December 2009
1 2010 Euro Exchange Rate for the twelve month period commencing 31 December 2010
1 2011 Euro Exchange Rate for the twelve month period commencing 31 December 2011
1 2012 Solvency 1 - Annual Review of the amount of the Minimum Guarantee Fund and the premiums and claims indices
FSC 11 2012 Enhancing the confirmations provided by Statutory Auditors and Audit firms for the Capitalisation of Licenced Companies
FSC 3 2012 Annual Fees Update 2012
FSC 1 2013 Euro Exchange Rates for the period commencing 31 December 2012
2 2013 Frequency of Director's Board meetings held for Regulated Firms
FSC 5 2013 Financial Services (Information Gathering and Co-operation) Act
FSC 7 2013 Euro Exchange Rates for the twelve month period commencing 31 December 2013
FSC 8 2013 Country Risk Update
FSC 2014 Solvency II Progress Update
FSC 2014 Solvency 2 - December 2014 Update. (*The Annex to this update was revised in January 2015 with updated links to the EIOPA website)
FSC 5 2014 Euro Exchange Rates for the twelve month period commencing 31 December 2014
FSC 2015 Feedback Paper - Self Assessment No. 2
As part of the GFSC’s ongoing assessment of insurers’ preparations for Solvency 2 a number of self-assessments were requested in quarter 3 of 2014. This paper looks at each pillar of Solvency 2 in turn, as well as a section on firms’ implementation plans. At the outset of each section we provide a reminder of the GFSC’s expectations of firms. The content of this paper is important. Firms should make their respective Boards of Directors aware of it.
FSC 2 2015 Euro Exchange Rates for the 12 month period commencing 31 December 2015
FSC 2 2015 Country Risk Update
FSC 1 2016 Country Risk Update 01/16
Improving Global AML/CFT Compliance: on-going process.
FSC 2 2016 Country Risk Update 02/16
Improving Global AML/CFT Compliance: on-going process.
FSC 3 2016 Country Risk Update 03/16
Improving Global AML/CFT Compliance: on-going process.
FSC 4 2016 Euro Exchange Rates for the 12 month period commencing 31st December 2016
FSC 4 2016 Country Risk Update 04/16
Improving Global AML/CFT Compliance: on-going process
GFSC 1 2017 Country Risk Updates 01/17
GFSC 2 2017 Country Risk Updates 02/17
GFSC 5 2017 Euro Exchange Rates for twelve month period commencing 31 December 2017
GFSC 2018 GFSC Fees Newsletter 2018-2019
GFSC 1 2018 Country Risk Updates 01/18
GFSC 1 2018 IDD Training and Competence
GFSC 1 2018 IDD Frequently Asked Questions
GFSC 1 2018 IDD Examples of Good & Poor Practice
GFSC 1 2018 Insurance Supervisory Statement on Annual Reporting
GFSC 1 2018 Insurance Supervisory Statement on Reinsurance
GFSC 1 2018 Insurance Supervisory Statement on Underwriting and Pricing
GFSC 1 2018 PRIIPs - Packaged Retail and Insurance based Investment Products
GFSC 1 2018 Euro Exchange Rates for twelve month period commencing 31 December 2018
GFSC 2019 GFSC Fees Newsletter 2019-2020
GFSC 6 2019 Euro Exchange Rates for twelve month period commencing 31 December 2019
GFSC 2020 GFSC Fees Newsletter 2020-2021

Insurance Companies - Presentations

11 2006 Presenting the revised AML/CFT Guidance Notes
David Parody
2 2006 London Insurance Seminar
Marcus Killick
11 2007 The revised AML/CFT Guidance Notes
GACO - David Parody
11 2007 The FSC's approach to AML/CFT Compliance
GACO - David Parody
6 2007 Solvency II
Speech by Marcus Killick (CEO) given at Willis Conference
2 2008 Regulatory framework for Insurance in Gibraltar
Marcus Killick
11 2009 Solvency II - The Story To Date
Presentation by Mike Oliver (Head of Insurance) to the GII - 25 November 2009
3 2009 Revised Risk Assessment Methodology, Corporate Governance and Approved Persons
Gibraltar Insurance Institute - Gibraltar Society of Chartered & Certified Accountancy Bodies - Gibraltar Association of Compliance Officers David Parody
1 2011 The Omnibus II Directive
Presentation to Gibraltar Insurance Association
2 2011 Quantitative Impact Study 5: Summary results and main messages
Presentation to Gibraltar Insurance Association
1 2012 Use of Actuaries in Non-Life Reserving
Presentation by Darren Viñales to Baker Tilly Insurance Conference
4 2012 GACO-FSC Risk Methodology Workshop
Slides, case study and templates for the GACO workshop held on 14 November 2012 by the FSC
2014 Solvency 2 - December 2014 Update. (*The Annex to this update was revised in January 2015 with updated links to the EIOPA website)
The FSC has published its latest update in relation to Solvency 2. The document should be read by Directors and managers of Gibraltar insurers applicants to be Gibraltar insurers that will be carrying on insurance in Gibraltar from 1 January 2016 and that will fall to be regulated under the requirements of the Directive.
3 2014 Insurance Linked Securities - Background and Guidelines
Presentation by Mr. Joe Perdoni at the Risk & Capital Conference. 4th Nov. 2014
2015 Solvency 2 - Presentation by Mr Ken Hogg – Solvency 2 Project Manager, Financial Services Commission
These slides, from a speech at a conference organised by Guy Carpenter, summarise the current state of play with preparation for Solvency 2 and next steps. They include initial feedback on insurers’ recent self-assessments.
2015 Solvency 2 - Presentation and Follow Up Training
Solvency 2 - Presentation by Mr Ken Hogg – Solvency 2 Project Manager, Gibraltar Financial Services Commission
2015 Feedback Paper - Self Assessment No. 2
As part of the GFSC’s ongoing assessment of insurers’ preparations for Solvency 2 a number of self-assessments were requested in quarter 3 of 2014. This paper looks at each pillar of Solvency 2 in turn, as well as a section on firms’ implementation plans. At the outset of each section we provide a reminder of the GFSC’s expectations of firms. The content of this paper is important. Firms should make their respective Boards of Directors aware of it.
2015 Solvency 2 for Directors - Webinar slides
Presentation run during the webinar.
2015 Solvency 2 for Directors - Webinar Video
Seamus Creedons contribution to the Solvency 2 for NEDs Webinar held by the Gibraltar Financial Services Commission on May 28, 2015
2015 Update on Solvency 2
This Update provides a reminder of the various communications from the GFSC and EIOPA over recent months. These are in addition to the many meetings we have held with individual firms, insurance managers and industry over this period to ensure that a constructive two-way dialogue continues. The GFSC continues to seek to take a proportionate approach where applicable.
1 2018 Approach to Insurance Regulation and IDD

Presentation to Industry on Approach to Insurance Regulation and IDD

1 2018 GFSC Corporate Governance Presentation and Transcript Notes
2019 GACO Conduct Seminar