In December 2023, the Accountancy Profession (General Accounting
Principles in respect of certain Eligible Entities related to the
business of Insurance) Regulations (the
"Regulations") were introduced with the
aim of allowing certain (re) insurance companies an opt-out from
IFRS 17 and the ability of adopting a local accounting framework
laid out in the said Regulations
("GAPEE").
By way of Legal Notice 299 of 2025, the list of eligible
entities which can benefit from the Regulations was extended to
include: (i) insurance and or risk transferee vehicles; (ii)
insurance and/or reinsurance parent undertakings; and (iii) risk
transferee vehicle parent undertakings.
Risk transferee vehicles are defined in the Regulations as a
reinsurance special purpose vehicle (which includes standalone
RSPVs and RSPV SCCs) or a securitisation vehicle or a licensed
special purpose vehicle.
