Glossary

Looking for the right term then try the glossary:

internal model approval application > internal model approval
Term Definition Legal instruments

partial internal model

01/01/2016

means an internal model that is:

(1) used to calculate one or more of the following:

(a) one or more risk modules, or sub-modules, of the basic SCR;

(b) the capital requirement for operational risk set out in Solvency Capital Requirement – Standard Formula 5;

(c) the adjustment for the loss-absorbing capacity of technical provisions and deferred taxes set out in Solvency Capital Requirement – Standard Formula 6; or

(2) applied to the whole of a firm's insurance business , or only to one or more of its major business units.

[Note: Art. 112(2) of the Solvency II Directive]