Insurance and reinsurance undertakings shall document the design and operational details of their internal model.
The documentation shall demonstrate compliance with Articles 120 to 124.
The documentation shall provide a detailed outline of the theory, assumptions, and mathematical and empirical bases underlying the internal model.
The documentation shall indicate any circumstances under which the internal model does not work effectively.
Insurance and reinsurance undertakings shall document all major changes to their internal model, as set out in Article 115.