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1. The internal model, and in particular the calculation of the probability distribution forecast underlying it, shall comply with the criteria set out in paragraphs 2 to 9.2. The methods used to calculate the probability distribution forecast shall be based on adequate, applicable and relevant...

1. Insurance and reinsurance undertakings may use a different time period or risk measure than that set out in Article 101(3) for internal modelling purposes as long as the outputs of the internal model can be used by those undertakings to calculate the Solvency Capital Requirement in a manner...

Insurance and reinsurance undertakings shall review, at least annually, the causes and sources of profits and losses for each major business unit.They shall demonstrate how the categorisation of risk chosen in the internal model explains the causes and sources of profits and losses. The...

Insurance and reinsurance undertakings shall have a regular cycle of model validation which includes monitoring the performance of the internal model, reviewing the ongoing appropriateness of its specification, and testing its results against experience.The model validation process shall include...

Insurance and reinsurance undertakings shall document the design and operational details of their internal model.The documentation shall demonstrate compliance with Articles 120 to 124.The documentation shall provide a detailed outline of the theory, assumptions, and mathematical and empirical...

The use of a model or data obtained from a third party shall not be considered to be a justification for exemption from any of the requirements for the internal model set out in Articles 120 to 125.

The Commission shall adopt delegated acts in accordance with Article 301a with respect to Articles 120 to 126 to enhance the better assessment of the risk profile and management of the business of insurance and reinsurance undertakings regarding the use of internal models throughout the Union.

Any decision to refuse an authorisation shall state full reasons and shall be notified to the undertaking concerned. Each Member State shall make provision for a right to apply to the courts where an authorisation is refused. Such provision shall also be made with regard to cases where the...

Every authorisation or withdrawal of authorisation shall be notified to the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (‘EIOPA’) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council ( 1 ). The name of each insurance...