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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.

6.1

01/01/2016

A firm with internal model approval must not change its internal model otherwise than in accordance with the firm’s internal model change policy as approved by the PRA.

Additional Notes


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

6.2

01/01/2016

A firm’s internal model change policy must include a specification of minor and major changes to the internal model.

Additional Notes


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

6.3

01/01/2016

A firm with internal model approval must not:

  1. (1) make any major change to its internal model; or
  2. (2) make any change to its internal model change policy;

without obtaining the prior approval of the PRA in accordance with the procedures set out in 3 to 5 for obtaining internal model approval.

Additional Notes


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