(1) An insurance undertaking or reinsurance undertaking shall document the design and operational details of its internal model.
(2) The documentation shall -
(a) demonstrate compliance with Regulations 132 to 136,
(b) provide a detailed outline of the theory, assumptions and mathematical and empirical bases underlying the internal model, and
(c) indicate any circumstances under which the internal model does not work effectively.
(3) The undertaking shall also document all major changes to its internal model, as set out in Regulation 127.