Prudential Regulation Authority Rulebook

3.1

Firms intending to submit an application for internal model approval should refer to the Solvency II Regulations regarding the internal model approval processes for information on how to submit a formal internal model application. The European Insurance and Occupational Pensions Authority (EIOPA) has published an internal model application template which firms should use for their formal internal model applications. Firms in the pre-application process can continue to use the existing PRA self-assessment template (SAT),³ and will be expected to transpose data onto the new EIOPA template when they make their formal application. The PRA will not be updating the SAT to align with EIOPA’s application template.

3.2

All internal model firms are expected to produce a contingency plan in case the PRA rejects an internal model application. Firms are encouraged to discuss and agree this plan with their normal supervisory contact.