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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.



If a firm with internal model approval ceases to comply with the internal model requirements, the firm must, without delay, either present to the PRA a plan to restore compliance within a reasonable period of time, or demonstrate to the PRA that the effect of non-compliance is immaterial.

Additional Notes

[Note: Art. 118(1) of the Solvency II Directive]