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Commission Implementing Regulation (EU) 2015/461Show full title
Commission Implementing Regulation (EU) 2015/461 of 19 March 2015 laying down implementing technical standards with regard to the process to reach a joint decision on the application to use a group internal model in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)
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Changes over time for: Article 6
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Commission Implementing Regulation (EU) 2015/461, Article 6 is up to date with all changes known to be in force on or before 13 August 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2015 No. 461 may be subject to amendment by EU Exit Instruments made by the Prudential Regulation Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 2. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Article 6:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 3
Article 6U.K.Notification of the decision
1.When a final decision is made, the group supervisor shall notify the decision to the applicant without delay.
2.In case of permission to use the group internal model the group supervisor shall include in the decision:
(a)if the decision was a joint decision according to Article 231(5) of Directive 2009/138/EC or made by the group supervisor according to Article 231(6) of Directive 2009/138/EC;
(b)the reasons for the decision;
(c)the names of the related undertakings included in the scope of the internal model for the calculation of the group Solvency Capital Requirement;
(d)the names of the related undertakings allowed to use the group internal model to calculate their Solvency Capital Requirement;
(e)if relevant, the risks and major business units within the scope of a partial internal model;
(f)the starting date from which the solvency capital requirements listed in points (c) and (d) shall be calculated using the group internal model;
(g)if relevant, the terms and conditions to which the permission to use the group internal model is subject, ant the reasons for these terms and conditions;
(h)if relevant, a requirement for the undertaking to develop and provide a plan to extend the scope of the internal model, including the description and timeframe of the plan;
(i)if relevant the integration technique approved to be used to integrate the partial internal model into the solvency capital requirement standard formula.
3.In case of rejection to use the group internal model, the group supervisor shall include in the decision a brief description of the parts or aspects of the internal model that do not comply with the requirements to use a group internal model, as well as the precise reference to the requirements that are not complied with. The notification shall also state that the rejection does not imply that other requirements have been assessed as complied with.
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