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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 18 January 2015 - onwards
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Article 344 Assessment of the application for the use of an internal model to calculate only the consolidated group Solvency Capital Requirement

1. Prior to making its final decision, in order to allow a proper assessment of the application and where relevant, to require the applicant to submit an application under Article 231 of Directive 2009/138/EC, the group supervisor shall consult the supervisory authorities involved in the assessment of the application.

2. During the assessment of the application, the supervisory authorities within the college of supervisors, that are not the supervisory authorities involved in the assessment of the application as referred to in Article 343(2), shall also be allowed to participate in the assessment of the application. Their participation shall be limited to identifying and preventing any of the following circumstances:

(a) where the exclusion of parts of the business from the scope of the internal model leads to a material underestimation of the risks of the group;

(b) where the internal model conflicts with an internal model previously approved or in the process of approval by the relev

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