IAIS Insurance Core Principles (ICPs)
ICP 17: Capital adequacy – IAIS Insurance Core Principles (ICPs)

IAIS Insurance Core Principles (ICPs) 17.13: 17.13 Prior approval of an internal model: appropriateness shown, statistical quality, calibration and use tests passed, documentation met

Where internal models are allowed, the insurer must obtain prior supervisory approval by demonstrating the model is appropriate for regulatory capital purposes, validating it through at least a statistical quality test, a calibration test and a use test with the results shown, and meeting the documentation requirements.

Maintained by Gerard BlokdykControl text last updated

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