Failure to meet the requirements for the internal model

(1) Where insurance undertakings, after the supervisory authority has granted approval to use an internal model, no longer satisfy the requirements of sections 115 to 121, they must without delay submit to the supervisory authority a plan showing how compliance with the requirements can be restored within a reasonable period, or demonstrate that the failure to comply with the requirements has only an immaterial effect.
(2) Where the plan under subsection (1) is not properly implemented, the supervisory authority may order a reversion to the standard formula for calculating the Solvency Capital Requirement.