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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.

7.1

01/01/2016

A firm’s:

  1. (1) internal model approval application; and
  2. (2) application to the PRA for approval to make a major change to its internal model which is the subject of an internal model approval;

must be approved by the firm’s governing body.

Additional Notes


[Note: Art. 116 of the Solvency II Directive]

7.2

01/01/2016

A firm must have in place systems which ensure that its internal model operates properly on a continuous basis.

Additional Notes


[Note: Art. 116 of the Solvency II Directive]