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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.

3.1

01/01/2016

A firm making an internal model approval application must submit, as a minimum, documentary evidence that demonstrates to the PRA’s satisfaction that the internal model and, if the context requires, the firm satisfies the internal model requirements.

Additional Notes


[Note: Art. 112(3) of the Solvency II Directive]

3.2

01/01/2016

A firm making an internal model approval application must demonstrate to the PRA’s satisfaction that its systems for identifying, measuring, monitoring, managing and reporting risk are adequate.

Additional Notes


[Note: Art. 112(5) of the Solvency II Directive]

3.3

01/01/2016

When making an internal model approval application, a firm must submit its internal model change policy to the PRA for approval.

Additional Notes


[Note: Art. 115 of the Solvency II Directive]

3.4

01/01/2016

Upon request by the PRA, a firm with an internal model approval must provide the PRA with an estimate of the SCR determined in accordance with the standard formula.

Additional Notes


[Note: Art. 112(7) of the Solvency II Directive]