In this Part F2...—

• “approval” means an approval granted by the PRA under this Part;

• “group application” means an application for permission to calculate any of the following matters in accordance with an internal model—

  1. i

     the consolidated group solvency capital requirement for a group and the solvency capital requirements for the insurance undertakings F3, reinsurance undertakings, Gibraltarian insurance undertakings and Gibraltarian reinsurance undertakings in the group in accordance with method 1 M1;

  2. ii

     the aggregated group solvency capital requirement in relation to group solvency determined in accordance with method 2 M2; and

• “protected item” has the same meaning as in section 413 of FSMA.

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