Article 3

Assessment of the application

1.   The supervisory authority shall confirm receipt of the application of the insurance or reinsurance undertaking.

2.   The supervisory authorities shall determine whether the application is complete within 30 days from the date of the receipt of the application. An application to use an internal model to calculate the Solvency Capital Requirement shall be considered to be complete if it includes all the documentary evidence set out in Article 2(2).

3.   Where the supervisory authorities determine that the application is not complete, they shall immediately inform the insurance or reinsurance undertaking which has submitted the application that the 6-month approval period has not begun and specify the reasons why the application is not complete.

4.   Where the supervisory authorities determine that the application is complete, they shall inform the insurance or reinsurance undertaking which has submitted the application that the application is complete and the date from which the 6-month period starts. That date shall be the date on which the complete application was received.

5.   Where the supervisory authorities have considered an application to be complete, this shall not prevent the supervisory authority from requesting additional information necessary for carrying out its assessment. The request shall specify the additional information required and shall include the reasons for the request.

6.   The insurance or reinsurance undertaking shall ensure that all documents referred to in Article 125 of Directive 2009/138/EC are made available, including in electronic form whenever possible, to the supervisory authorities throughout the assessment of the application.

7.   The assessment of the application shall involve ongoing communication with the insurance or reinsurance undertaking and may include requests for adjustments to the internal model and, in the case of a partial internal model, for a transitional plan as set out in Article 113 of Directive 2009/138/EC.

8.   If the supervisory authorities determine that it could be possible to approve the internal model subject to adjustments being made to the internal model, they may notify this to the insurance or reinsurance undertaking.

9.   Where supervisory authorities request further information or adjustments to the internal model, the insurance or reinsurance undertaking may request a suspension of the 6-month approval period referred to in Article 112(4) of Directive 2009/138/EC. That suspension shall end once the insurance or reinsurance undertaking has made the necessary adjustments and the supervisory authorities have received an amended application providing documentary evidence of the adjustments. The supervisory authorities shall then inform the insurance or reinsurance undertaking of the new expiry date of the approval period.