Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II):Article 245 Circumstances under which the internal model does not work effectively

Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

Article 245 Circumstances under which the internal model does not work effectively

Geldend

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When assessing and documenting circumstances under which the internal model does not work effectively, insurance and reinsurance undertakings shall take all of the following into account:

(a)

the risks which are not covered by the internal model;

(b)

the limitations in risk modelling used in the internal model;

(c)

the nature, degree and sources of uncertainty connected with the results of the internal model including the sensitivity of the results for the key assumptions underlying the internal model;

(d)

the deficiencies in data used in the internal model and the lack of data for the calculation of the internal model;

(e)

the risks arising out of the use of external models and external data in the internal model;

(f)

the limitations of information technology used in the internal model;

(g)

the limitations of internal model governance.

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