Introduction

The below information, in accordance with Article 31(2) of the Solvency II Directive, aims to fulfil the GFSC’s commitments to transparency and accountability through the public disclosure of key supervisory information.  This disclosure is designed to be easily accessible and comparable among supervisory authorities.  It covers the following common areas:

  1. The texts of laws, regulations, administrative rules and general guidance in the field of insurance regulation within Gibraltar;
  2. The general criteria and methods, including the tools developed in accordance with Article 34(4), used in the supervisory review process as set out in Article 36;
  3. Aggregate statistical data on key aspects of the application of the prudential framework;
  4. The manner of exercise of the options provided for in this Directive;
  5. The objectives of the supervision and its main functions and activities.

This disclosure is correct as at 31 August 2017 and will be updated on a regular basis.

Laws, regulations, administrative rules and general guidance

Union legislation in the field of insurance regulation that is directly applicable within the territory of the home Member State

The texts of national laws, regulations, administrative rules and general guidance in the field of insurance regulation, transposing or based on Union law or otherwise applicable in the home Member State 

The supervisory review process

This section includes information on the general criteria and methods, including the tools developed in accordance with Article 34(4), used in the supervisory review process as set out in Article 36 of the SII Directive.

i.The GFSC's Supervisory Approach

ii.The GFSC’s approach to insurance supervision

Aggregate statistical data

This section includes aggregate statistical data on key aspects of the application of the prudential framework.

Template A

Template B

Template C

Template D

The exercise of options under Directive 2009/138/EC

This section includes the manner of exercise of the options provided for in the SII Directive.

Exercise of options template 

Supervisory objectives, main functions and activities

This section includes information on the objective of the supervision and its main functions.

i. Supervisory Objectives and Main Supervisory Functions

Mission & Vision Statement and Strategic Objectives

Supervisory Approach

GFSC Risk Governance Framework

ii. Main areas of ongoing or planned supervisory activity

Strategic and Business Plan

Thematic Reviews