Prudential Regulation Authority Rulebook

8.1

Notwithstanding Group Supervision 11.2, until 31 March 2022, the group SCR of a group based on consolidated data (consolidated group SCR) must be calculated on the basis of either:

1. (1) the standard formula;
2. (2) an approved internal model, in a manner consistent with the general principles contained in the SCR Rules; or
3. (3) approved internal models, where each approved internal model is applicable to a part of a group where both the UK Solvency II firm and the ultimate parent undertaking are located in the UK and that part of the group forms a distinct part having a significantly different risk profile from the rest of the group.

[Note: Art. 308b (16) of the Solvency II Directive]