Prudential Regulation Authority Rulebook

2.1

A firm may calculate its SCR using an internal model that is either a full internal model or a partial internal model only:

1. (1) if it has been granted internal model approval in respect of its internal model; and
2. (2) to the extent of its internal model approval.

2.2

A firm that has been granted internal model approval must calculate its SCR using the internal model for which internal model approval has been granted.

[Note: Art. 112(1) and Art. 112(2) of the Solvency II Directive]