European Commission 19 March 2015, Commission Implementing Regulation (EU) 2015/460 of 19 March 2015 laying down implementing technical standards with regard to the procedure concerning the approval of an internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council Text with EEA relevance

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This Regulation establishes the procedures for insurance and reinsurance undertakings to obtain approval for using internal models to calculate the Solvency Capital Requirement, as mandated by Directive 2009/138/EC. Key provisions include the requirement for prior supervisory approval for major changes to internal models, ongoing communication between supervisory authorities and undertakings, and comprehensive documentation to support applications. The Regulation is applicable to all insurance and reinsurance entities within the EU and is enforced by the relevant supervisory authorities, ensuring compliance with the Solvency II framework.AI