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.

Sent to all firms falling within the 50% and 80% thresholds as defined in the EIOPA Guidelines.

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 (or the voting power of an insurer's parent company), you are a shareholder controller and should have notified the Commission accordingly. If you increase your shareholding in the company you may fall within another band of shareholder controllership. These 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 you increase your shareholding so that you fall within a higher band you should give prior written notice to the Commission of your intention. If the increased holding does not make the total holding fall into a higher band, no action is required.

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.

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.

Please note that an 'Individual Questionnaire' or  a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police vetting application form.  

(i) The enquiry form must be completed by the applicant in full with BLUE INK on an original form (scanned copies will not be accepted by the RGP)

(ii) £10 will be required to be submitted in conjunction with the form

For periods commencing on or after 1 January 2004

For periods ending on or after 14 January 2012

Removed 1st May 2009 and replaced with Universal Application Process.

This note discusses valuation issues surrounding the use of derivative contracts in those funds of an insurer which are subject to "asset valuation rules."

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.

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").

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.

Financial Services Guidance Note No. 2

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)

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)

Sets out the circumstances in which these abbreviated returns may be used and provides guidance in their preparation. (Revised on 18/3/2004)

This Guidance Note deals with the requirements for general business insurers and reinsurers who wish to report using the New Returns format.

To explain the way persons (for example, controllers, shareholders, directors, managers and main agents of insurance companies) must be notified to the Commissioner.

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)

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.

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.

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.

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.

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).

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.

• Via the following link: http://www.gfsc.gi/forms/annualcomplaints.xls

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.

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.

Improving Global AML/CFT Compliance: on-going process.

Improving Global AML/CFT Compliance: on-going process.

Improving Global AML/CFT Compliance: on-going process.

Improving Global AML/CFT Compliance: on-going process

David Parody

Marcus Killick

GACO - David Parody

GACO - David Parody

Speech by Marcus Killick (CEO) given at Willis Conference

Marcus Killick

Presentation by Mike Oliver (Head of Insurance) to the GII - 25 November 2009

Gibraltar Insurance Institute - Gibraltar Society of Chartered & Certified Accountancy Bodies - Gibraltar Association of Compliance Officers David Parody

Presentation to Gibraltar Insurance Association

Presentation to Gibraltar Insurance Association

Presentation by Darren Viñales to Baker Tilly Insurance Conference

Slides, case study and templates for the GACO workshop held on 14 November 2012 by the FSC

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.

Presentation by Mr. Joe Perdoni at the Risk & Capital Conference. 4th Nov. 2014

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.

Solvency 2 - Presentation by Mr Ken Hogg – Solvency 2 Project Manager, Gibraltar Financial Services Commission

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.

Presentation run during the webinar.

Seamus Creedons contribution to the Solvency 2 for NEDs Webinar held by the Gibraltar Financial Services Commission on May 28, 2015

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.