Chapter 1	General provisions
Chapter 2	Approval and changes
Chapter 3	Requirements for the internal model
Chapter 4	Remote Models and Data
Chapter 5	Failure to comply with the requirements
Chapter 6	Policy for changes to the internal model
Chapter 7	Lion of the Management Board
Chapter 8	Special rules for particulal internal models
Chapter 9	Specific for group internal models
Chapter 10	Penalty and entry into force

Publication of the account of the solvency capital requirement by the application of one of the Financial supervision approved internal model 1)

In accordance with section 126 c (2), 6, section 175 (b) (b). 9, and Section 373 (3). 4, in the law of financial activities, cf. Law Order no. 182 by 18. February 2015, as amended by law no. 308 of 28. March 2015 shall be determined :

Chapter 1

General provisions

Scope of application

§ 1. This notice shall apply to group 1 insurance undertakings and the supreme parent undertaking in groups covered by § 175 (b) (b). 1, in the law of financial activities.

Paragraph 2. A group of 1-insurance accounts for the solvency capital requirement by applying an internal model must, in addition to the rules of Article 222-247 of the Commission's delegated Regulation (EU) 2015/35 of 10. In October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), shall be carried out in accordance with section 2 to 18 of this notice.

Paragraph 3. In addition to the rules of Article 347 to 350 of the Commission's delegated Regulation (EU) 2015/35 of 10, the establishment of the solvency capital requirement by the use of a group internal model shall be subject to the rules of Article 347-350. In October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance undertaking (Solvency II), in accordance with section 19 of this notice.

Chapter 2

Approval and changes

Approval of internal models

§ 2. A group of 1-insurers wishing to use an internal model for the uptake of the solvency capital requirement shall apply to the Financial supervision of such approval.

Paragraph 2. The use of an internal model shall be approved when the following conditions are met :

1) The Group 1 Insurance Company has effective procedures for identification, measurement, monitoring, management and reporting of risks.

2) The Group 1 insurance undertaking has presented documentation regarding the internal model in accordance with section 3.

3) The Group 1 insurance company meets the requirements of section 7-12.

4) The Group 1-assurance company ' s board of directors has adopted and submitted a policy for changes to the internal model, cf. § 14.

§ 3. In addition to the standards referred to in Articles 243 to 246 of the Commission's delegated Regulation (EU) 2015/35 of 10. In October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), group 1 insurance companies ' documentation relating to the internal model include the following :

1) A detailed description of the theory, the assumptions and mathematical and empirical foundations on which the internal model is based.

2) A description of the weaknesses of the model and the cases where the model is not expected to function effectively.

3) A description of how the solvency capital requirement is applied by the use of the internal model, reflects the company ' s risk profile in greater than the inventory using the standard formula.

4) A description of the extent to which the internal model is defined based on the conditions for the continued operation of the company (going concern), and whether the model takes account of all the quantifiable risks of all its companies and covers the risk company has taken on board and is expecting to take on the next 12 months on the basis of the risk eel, which is due to the standard formula.

Decision of the financial system

§ 4. The Financial Decision Decision concerning the application for approval of an internal model shall be notified to the group 1 insurance undertaking not later than six months after receipt of a full application.

Paragraph 2. The financial supervision may, having approved the internal model, invite the company to invent an estimate of the solvency capital requirement as set out by using the standard formula.

Changes to an internal model

§ 5. A group of 1-insurers may only make changes to one of the Financial supervision approved internal model in accordance with the approved policy of changes to the internal model, cf. § 14.

Paragraph 2. Changes to the internal model, which, in the internal model policy, is specified as major changes, cf. Section 14, paragraph 14. Two, must be approved by the Financial supervision before they can enter into force. For the approval of a major change, the company shall provide evidence of the content and background of the change.

The reversal of the default formula

§ 6. A group of 1 insurance undertakings which, after the approval of an internal model of the Financial Authority, want to make up the solvency capital requirement by using the standard formula, to apply for the approval of the financial system for this purpose.

Chapter 3

Requirements for the internal model

Applicability test

§ 7. A group of one insurance company shall demonstrate that the model of the internal model is generally used and has a significant role to play in company company management, cf. Article 222-227 of the Commission's delegated Regulation (EU) 2015/35 of 10. In October 2014, on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), in particular with regard to the following :

1) The company ' s risk management system and decision-making processes.

2) The company ' s processes for the assessment and allocation of the financial capital and solvency capital, including the company ' s assessment of their own risk and solvency.

Paragraph 2. A group of 1-insurance undertakings shall also demonstrate that the frequency with which the solvency capital requirement is being made is consistent with the nature, scale and complexity of the company ' s activities.

Statistical quality standards

§ 8. In addition to Article 237 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), a Group 1 Insurance Company shall ensure that the internal model is complied with ; the following criteria :

1) The assumptions that form the basis of the internal model must be justified in the face of the Financial supervision.

2) The methods used for the calculation of the probability distribution shall be based on appropriate, applicable and relevant actuarial and statistical techniques, as well as current and reliable information and realistic assumptions, cf. Article 228-230 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), and must be consistent with the methods used for the calculation of the provisions of the insurance and reinsurance undertakings ; technical provisions, cf. rules on the valuation of assets and liabilities, including technical provisions adopted pursuant to section 283 (3). 3, in the law of financial activities.

3) The data used in the internal model must be accurate, complete and appropriate, cf. Article 231 of the Commission ' s delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II). The company must update the data used in the calculation of the probability allocation at least once a year.

4) Regardless of the method of making used in the calculation of the probability distribution, the ability of the internal model to be sufficient to take risks is sufficient to ensure that it is generally applied and plays an important role in the company ' s undertaking, corporate governance, cf. Articles 222 and 232 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II). The internal model must cover all essential and quantifiable risks, cf. Article 233 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), for which the company is exposed and, at least, the risks covered by use of the standard formula.

5) In the internal model, account must be taken of the particular risks associated with financial guarantees and any contractual arrangements of a significant nature and the risks associated with the clauses which both the policyholders and the company may use ; of, including the potential consequences of future changes in the financial and non-financial conditions for the exploitation of these clauses.

6) In the internal model, account must be taken of all the expected payments to policyholders and beneficiaries, whether the insurance agreement contains a guarantee of these payments or not.

Paragraph 2. A group of one insurers may also choose that one or more of the following are taken into account in the internal model :

1) The diversification effects within and across risk categories where the Financial supervision considers that the system used for measuring these interdependencies is complete, cf. Article 234 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II).

2) The effect of risk reduction techniques, cf. Article 235 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), where the model takes account of the credit risk and other risks associated with it ; the use of risk-reduction techniques.

3) The future management actions, cf. Article 236 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance undertaking (Solvency II), which is reasonably likely to be carried out under certain conditions ; circumstances.

Hazard and Calibration Standards

§ 9. A group of one insurers may, in the internal model, use another risk eel and a different timescale other than the risk and the timescale for the standard formula, provided that the results obtained by the internal use of the internal market are subject to the standard formula, Model, ensure the policyholders and the beneficiary a level of protection similar to that, cf. Article 238 (2) ; 1, in the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II).

Paragraph 2. A group of one insurance undertakings shall, on the basis of the risk of the standard formula, deflect the solvency capital requirement directly from the likelihood of distribution resulting from the use of the internal model, on the basis of the risk eel and the time horizon.

Paragraph 3. The financial supervision may allow the use of approximations for the calculation of the solvency capital requirement, cf. Article 238 (2) ; Two-four, in the Commission's delegated regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II). The company must, in that case, reimbursek to the Financial supervision that policyholders are guaranteed a level of protection equivalent to the standard standard formula.

Paragraph 4. The SEC may provide the undertaking to use the internal model of relevant reference portfolios and to apply assumptions based on external data to verify the calibration of the internal model and to verify that the model ' s model ; specifications are in accordance with the generally accepted practice on the market.

Surplus and Loss Distribution

§ 10. A group of one insurance company must at least once annually examine the causes of profit and loss within each significant business unit.

Paragraph 2. The Group 1 insurance undertaking shall demonstrate how the categorisation of risks used in the internal model explains the causes of profit and loss, cf. Article 240 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II). The classification of the risks and the allocation of profits and losses must reflect the risk profile of the company.

Validation

§ 11. In addition to the rules set out in Articles 241 and 242 of the Commission ' s delegated Regulation (EU) 2015/35 of 10. In October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of insurance and reinsurance (Solvency II), a group of 1 insurance companies shall periodically validate the internal model in : in accordance with paragraph 1. 2-4.

Paragraph 2. Validation of the internal model includes the monitoring of the model's function, a review of the model specifications is still appropriate and test the results of the model compared to the results achieved so far.

Paragraph 3. The validation of the internal model must include an effective statistical process, which will allow the Group 1 Insurance Company to demonstrate to the Financial supervision that the capital adequacy is sufficient and to carry out an analysis of the model ' s stability, test of the sensitivity of the model results to changes in the critical underlying assumptions and an assessment of the accuracy of the data used in the internal model are accurate, complete and appropriate.

Paragraph 4. The statistical methods used must test the suitability of the probability distribution in comparison with the previous losses and in relation to all significant new data and information related to it.

Chapter 4

Remote Models and Data

§ 12. A group of one insurance company may use a model drawn up by a third party or data for the use of the internal model supplied by a third party, cf. however, Article 247 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II).

Paragraph 2. The use of external models and data shall not exempt the group 1 insurance undertaking from complying with the conditions in section 7 to 11.

Chapter 5

Failure to comply with the requirements

§ 13. Confirms a group of 1-insurance undertakings that its internal model does not meet the requirements of section 7-11, the company shall immediately submit to the Finance-sighted plan a plan for ensuring compliance with these requirements ; the plan shall contain a plan ; a statement of the way in which the company will ensure compliance with the requirements and a time frame for that.

Paragraph 2. The SEC may fix a different time frame, if the supervision estimates that the time scale specified by the company is not appropriate.

Paragraph 3. Do not allow the group 1 assurance undertaking to implement the plan within the specified or of the Financial supervision established within the meaning of the time frame, cf. paragraph In the future, the Financial Control may require that the company should continue to invent the solvency capital requirement in accordance with the standard formula.

Paragraph 4. Assess the group 1 insurance undertaking that the consequences of non-compliance with the requirements of section 7-11 are negligible, the company shall, instead of a plan in accordance with paragraph 1, shall be without prejudice to a plan. 1 submitting documentation for the Financial supervision.

Chapter 6

Policy for changes to the internal model

§ 14. The Financial supervision must approve a group of 1 insurance policy for amendments to the internal model of the company ' s application for the application of an internal model. The financial supervision must also approve all subsequent changes to the policy.

Paragraph 2. The policy must contain a specification of what constitutes minor and major changes to the internal model.

Chapter 7

Lion of the Management Board

§ 15. A Group 1-Insurance Management Board shall :

1) approve the application for the application of an internal model, as well as applications for approval of subsequent major changes to the internal model before they are submitted to the Finance-SEC,

2) establish systems to ensure the proper functioning of the internal model ; and

3) ensure that the building and operation of the internal model is appropriate, and that the internal model reflects the company ' s risk profile.

Chapter 8

Special rules for particulal internal models

§ 16. A group of 1-insurers may use a party-internal internal model to make one or more of the following :

1) Risks or submodules that are included in the primary solvency capital requirement.

2) Capital to cover operational risk.

3) The adjustment of the loss-of-saber ability of the insurance provisions and the loss of the loss of the tax shall be the law of the non-detraction.

§ 17. The SEC shall approve an application for the use of a particulate internal model when the conditions set out in section 2 (2). 2 is fulfilled and the following additional conditions have been met :

1) The Group 1 insurance undertaking has demonstrated the limited scope of the model.

2) The model is built to fully integrate it into the standard formula, cf. Article 239 of the Commission's delegated Regulation (EU) 2015/35 of 10. October 2014 on supplementary rules for Directive 2009 /138/EC of the European Parliament and of the Council on access to and the exercise of the insurance and reinsurance business (Solvency II).

§ 18. The SEC may at the evaluation of an application to use a partial internal model covering only some part modules of a given risk module, some of the group 1 insurance company ' s business units within a specified risk module or the combination of this, the undertaking to draw up a transitional plan for extending the scope of the partials internal model, if the monitoring estimates that the company ' s risk profile differs significantly from the standard formulae in the standard formula.

Paragraph 2. The Transition Plan must include a description of how the company intends to extend the model's scope to other submodules or business units to ensure that the model covers the majority of company's insurance company in relationship to the specific risk module. In addition, the Transition Plan must specify a time frame for the extension of the particulal internal model.

Paragraph 3. The SEC may fix a different time frame, if the supervision assesses that the time scale specified by the company, see it in accordance with the rules laid down in the same way. paragraph TWO, TWO. Pkton, not appropriate.

Chapter 9

Specific for group internal models

§ 19. Section 2-18 shall apply mutatis muy to the supreme parent undertaking by applying an internal model for the group.

Paragraph 2. The Financial Supervisory Board may only approve an internal model for a group that has companies situated in several Member States when the SEC has been designated as a group supervisors of the supervisory authorities of the Member States concerned.

Chapter 10

Penalty and entry into force

Penalty provisions

20. The withdrawal of section 2 (2). Paragraph 5, section 5. One, section 6, section 8, paragraph 8. Paragraph 1, section 10, paragraph 10. 2, section 11, section 13 (3). 1 and 4, and section 15, no. Two, punishable by fine.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Entry into force

§ 21. The announcement shall enter into force on 1. January 2016.

Paragraph 2. Publication no. 320 of 30. March 2015 on the specification of the solvency capital requirement by the application of one of the Financial supervision approved internal model is hereby repealed.

1) The announcement contains provisions that implement parts of Directive 2009 /138/EC of the European Parliament and of the Council of 25. Nov 2009 on access to and the exercise of the insurance and reinsurance business (Solvency II), EU Official Journal 2009, nr. In 335, page 1, as amended by Directive 2014 /51/EU of the European Parliament and of the Council of 16. April 2014 amending Directive 2003 /71/EC and 2009 /138/EC, as well as Regulation (EC) No, 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 as regards the powers granted to the European Supervisory Authority (European Insurance and Occutency Pensions Authority) and the European Supervisory Authority (European Supervisory Authority (European Supervisory Authority) (European Union Securities and Securities and Securities, EU Official Journal (2014) L153, page 1.