Prudential Regulation Authority Rulebook

8.1

Firms submitting applications for multiple Solvency II approvals, including for the internal model, are expected to understand any dependencies between the applications and how these may affect the order in which they submit their applications. In addition, as a result of the relationship which exists between certain approvals, firms are also expected to have a contingency plan in case they do not receive approval for applications where dependencies exist.

8.2

Where firms apply for the transitional deduction at the same time as applying for other approvals, the PRA may ask firms to provide sensitivity tests showing the impact on the transitional deduction if the other applications were to be rejected.