7
Responsibilities of the Firm’s Governing Body
7.1
A firm’s:
- (1) internal model approval application; and
- (2) application to the PRA for approval to make a major change to its internal model which is the subject of an internal model approval;
must be approved by the firm’s governing body.
[Note: Art. 116 of the Solvency II Directive]
- 01/01/2016
7.2
A firm must have in place systems which ensure that its internal model operates properly on a continuous basis.
[Note: Art. 116 of the Solvency II Directive]
- 01/01/2016