Question ID: 160
Regulation Reference: Guidelines on submission of information to NCAs (Preparatory phase)
Article: 35
Template: S.01.02
Status: Final
Date of submission: 02 Feb 2015
Question
Regarding the quantitative reporting template S.01.02 I would appreciate a confirmation on the following issue:
In the latest version of the QRTs published on August 18, cell A6 has been modified as follows:
'When the undertaking uses internal models to calculate SCR, identify the type of internal model. The following closed list of options shall be used:
- Standard formula or partial internal model
- Full internal model'
My question regards the fact that cell A6 is asking for the type of internal model used. The first option in the closed list is Standard formula o partial internal model. Isn't it contradictory? Standard formula is not a type of internal model.
EIOPA answer
Your understanding is correct. The name of the field will change for Solvency II for “Method of Calculation of the SCR” and the item description will be amended accordingly.