Lloyd’s insurers challenged by internal model change policies

Questions on parameterisation remain unanswered by European rule-makers


Lloyd's of London, the specialist insurance market, is requiring managing agents to develop detailed internal model change policies, despite a lack of clarity in the current Solvency II rules on how they should be designed.

Internal model change policies are a requirement for firms developing internal capital models for Solvency II and define when a firm is allowed to alter its model to reflect improved calculation techniques. However, European rule-makers have yet to define fully how such

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