Close menu

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.

15.1

01/01/2016

A firm must document the design and operational details of its internal model.

Additional Notes


[Note: Art. 125 of the Solvency II Directive]

15.2

01/01/2016

The documentation referred to in 15.1 must:

  1. (1) demonstrate compliance with 10 to 14:
  2. (2) provide a detailed outline of the theory, assumptions, and mathematical and empirical bases underlying the internal model;
  3. (3) indicate any circumstances under which the internal model does not work effectively; and
  4. (4) include all major changes to the internal model, as referred to in 6.

Additional Notes


[Note: Art. 125 of the Solvency II Directive]