GFSC Thematic Review - Insurance Reserving
05/02/2025
Today, FEB 4, the GFSC [Commission] reported on the Thematic Review of Insurance Reserving.
In the summer of 2024, the Commission’s Banking and Insurance Division undertook a thematic review of licensed general insurers' reserving methodology and practices.
As part of its thematic review, the Commission sent questionnaires to 20 licensed firms representing a range of policy types provided by the sector and visited five of these, meeting with representatives of each firm to obtain a detailed understanding of the policies, procedures, and controls in place to ensure that reserves, and hence regulatory capital, are appropriately set and monitored.
A copy of the thematic review is available
- here, https://www.gfsc.gg/sites/default/files/media/helix-file/Insurance Reserving Thematic.pdf
- HERE under Thematic Reviews on our Legislation and Guidance page.https://www.gfsc.gg/commission/legislation-and-guidance
All firms are encouraged to consider the report’s contents, particularly the areas to consider and the self-assurance questionnaire, when reviewing, updating, or revising their policies, procedures, and controls.
SOURCE
https://www.gfsc.gg/news/thematic-review-insurance-reserving
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