(1) The design and operation of the internal model must be documented. This documentation must demonstrate that the requirements of sections 115 to 120 are complied with.
(2) The documentation contains a detailed explanation of the theoretical basis, the assumptions, and the mathematical and empirical basis underlying the internal model, and describes all circumstances in which the internal model does not function effectively.
(3) Insurance undertakings must document all major changes to their internal model (section 111(2)).
Subdivision 4
Minimum Capital Requirement