3
Applications for Approval of Full and Partial Internal Models
3.1
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.
[Note: Art. 112(3) of the Solvency II Directive]
- 01/01/2016
3.2
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.
[Note: Art. 112(5) of the Solvency II Directive]
- 01/01/2016
3.3
When making an internal model approval application, a firm must submit its internal model change policy to the PRA for approval.
[Note: Art. 115 of the Solvency II Directive]
- 01/01/2016
3.4
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.
[Note: Art. 112(7) of the Solvency II Directive]
- 01/01/2016