(1) The Solvency Capital Requirement may be determined using a standard formula or an internal model. In both cases, the provisions of section 97 apply to the determination of the Solvency Capital Requirement.
(2) Where the risk profile of the insurance undertaking deviates materially from the assumptions underlying the calculation with the standard formula, the supervisory authority may order the insurance undertaking to develop and use, within a reasonable period, an internal model for calculating the Solvency Capital Requirement or the relevant risk modules of that requirement.
Part 2 · Provisions for direct insurance and reinsurance › Division 2 · Solvency requirements › Section 96
Determination of the Solvency Capital Requirement
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