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Directive 2009/138/EC of the European Parliament and of the CouncilShow full title
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) (Text with EEA relevance)
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- Revised 13/01/20192.65 MB
- Revised 09/07/20182.68 MB
- Revised 12/01/20172.47 MB
- Revised 31/03/20151.88 MB
- Revised 23/05/20142.78 MB
- Revised 19/12/20132.57 MB
- Revised 01/07/20132.56 MB
- Revised 15/09/20122.56 MB
- Revised 09/12/20112.55 MB
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Changes over time for: Article 122
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Article 122U.K.Calibration standards
1.Insurance and reinsurance undertakings may use a different time period or risk measure than that set out in Article 101(3) for internal modelling purposes as long as the outputs of the internal model can be used by those undertakings to calculate the Solvency Capital Requirement in a manner that provides policy holders and beneficiaries with a level of protection equivalent to that set out in Article 101.
2.Where practicable, insurance and reinsurance undertakings shall derive the Solvency Capital Requirement directly from the probability distribution forecast generated by the internal model of those undertakings, using the Value-at-Risk measure set out in Article 101(3).
3.Where insurance and reinsurance undertakings cannot derive the Solvency Capital Requirement directly from the probability distribution forecast generated by the internal model, the supervisory authorities may allow approximations to be used in the process to calculate the Solvency Capital Requirement, as long as those undertakings can demonstrate to the supervisory authorities that policy holders are provided with a level of protection equivalent to that provided for in Article 101.
4.Supervisory authorities may require insurance and reinsurance undertakings to run their internal model on relevant benchmark portfolios and using assumptions based on external rather than internal data in order to verify the calibration of the internal model and to check that its specification is in line with generally accepted market practice.
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