Article 1
Application for approval of the use of undertaking-specific parameters
1. The insurance or reinsurance undertaking shall submit a written application for approval of the use of undertaking-specific parameters to replace a subset of parameters of the standard formula to the supervisory authority.
2. The application shall be submitted in one of the official languages of the Member State in which the insurance or reinsurance undertaking has its head office, or in a language that has been agreed upon with the supervisory authority.
3. The application by the insurance or reinsurance undertaking shall contain the following:
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(a) |
documentary evidence of the insurance or reinsurance undertaking's internal decision-making process related to the application; |
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(b) |
a specific start date from which the use of the undertaking-specific parameters is requested; |
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(c) |
the subset of standard parameters which are requested to be replaced by undertaking-specific parameter |
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(d) |
for each segment the standardised method used and the insurance or reinsurance undertaking-specific parameter value obtained by using this method; |
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(e) |
the calculation of the undertaking-specific parameter the insurance or reinsurance undertaking applies to use and information that the calculation is adequate; |
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(f) |
evidence that data used to calculate the undertaking-specific parameters are complete, accurate and appropriate and they fulfil the requirements of Article 219 of Delegated Regulation (EU) 2015/35; |
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(g) |
a justification that each standardised method to calculate the undertaking-specific parameter for a single segment provides the most accurate result for the fulfilment of the requirements set out in Article 101 of Directive 2009/138/EC. |
4. In addition to the material specified in paragraph 3, the application shall also list all other applications submitted by the insurance or reinsurance undertaking, or currently foreseen within the next six months, for approval of any of the items listed in Article 308a(1) of Directive 2009/138/EC, together with the corresponding application dates.