Transitional Measures Groups – Internal Models
Application provision
1.1 Unless otherwise stated, this Part applies to:
- (1) a UK Solvency II firm;
- (2) the Society, in accordance with General Application 3;
- (3) managing agents, in accordance with General Application 3; and
- (4) (in respect of 3.8 only) a UK ISPV.
8.1
01/01/2016
Notwithstanding Group Supervision 11.2, until 31 March 2022, the group SCR of a group based on consolidated data (consolidated group SCR) must be calculated on the basis of either:
- (1) the standard formula;
- (2) an approved internal model, in a manner consistent with the general principles contained in the SCR Rules; or
- (3) approved internal models, where each approved internal model is applicable to a part of a group where both the Solvency II undertaking and the ultimate parent undertaking are located in the same EEA State and that part of the group forms a distinct part having a significantly different risk profile from the rest of the group.