Regulatory Alerts2015-03-19
Added · Updated
Commission Implementing Regulation (EU) 2015/460 on the approval procedure for internal models under Solvency II
The European Commission adopts implementing technical standards specifying the procedure for approving internal models and major changes thereto for insurance and reinsurance undertakings under Directive 2009/138/EC. The regulation mandates that undertakings submit written applications with detailed documentary evidence, including risk management integration and capital requirement calculations, to supervisory authorities. It establishes a 30-day completeness check and a six-month approval period, allowing for suspensions upon request for additional information or model adjustments. The text also defines requirements for transitional plans to extend model scope and procedures for approving changes to the internal model's governance policy.