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Application provision

1.1 Unless otherwise stated, this Part applies to:

  1. (1) a UK Solvency II firm; and
  2. (2) in accordance with Insurance General Application 3, the Society.

2.1

01/01/2016

A firm may calculate its SCR using an internal model that is either a full internal model or a partial internal model only:

  1. (1) if it has been granted internal model approval in respect of its internal model; and
  2. (2) to the extent of its internal model approval.

2.2

01/01/2016

A firm that has been granted internal model approval must calculate its SCR using the internal model for which internal model approval has been granted.

Additional Notes


[Note: Art. 112(1) and Art. 112(2) of the Solvency II Directive]