(1) An insurance undertaking or reinsurance undertaking may calculate its Solvency Capital Requirement using a full or partial internal model as approved by the Bank.

(2) Such an undertaking may use partial internal models for the calculation of one or more of the following:

(a) one or more risk modules, or sub-modules, of the Basic Solvency Capital Requirement, as set out in Regulations 117 and 119;

(c) the adjustment referred to in Regulation 122.

(b) the capital requirement for operational risk as set out in Regulation 121;

(3) In addition, partial modelling may be applied to the whole business of such an undertaking, or only to one or more major business units.

(4) In any application for approval by the Bank under paragraph (1), an undertaking shall submit, as a minimum, documentary evidence that the internal model fulfils the requirements set out in Regulations 132 to 137.

(5) Where the application for approval relates to a partial internal model, the requirements set out in Regulations 132 to 137 shall be adapted to take account of the limited scope of the application of the model.