5
Transitional Plan to Extend the Scope of the Model
5.1
Upon request by the PRA, a firm which has made an internal model approval application in respect of a partial internal model that only covers certain sub-modules of a specific risk module, or some of the business units of the firm with respect to a specific risk module, or parts of both, must submit a realistic transitional plan to extend the scope of the proposed partial internal model.
[Note: Art. 113(2) of the Solvency II Directive]
- 01/01/2016
5.2
The realistic transitional plan referred to in 5.1 must set out the manner in which the firm plans to extend the scope of the proposed partial internal model to other sub-modules or business units of the firm, in order to ensure that the internal model covers a predominant part of the firm’s insurance business with respect to that specific risk module.
[Note: Art. 113(2) of the Solvency II Directive]
- 01/01/2016