On 7 May 2015, the PRA in the UK updated its webpage on internal models under Solvency II. The PRA notes that internal model firms are required to have a model change policy. In order to assist such firms (and as the PRA has noticed varying levels of quality in policies), the PRA has published a good practice guidance paper. Headings dealt with in the paper include the scope of model change policy, classification of major changes, and governance. In the paper, the PRA encourages firms to review the effectiveness of their policy in order to ensure that the firm's risk profile is accurately reflected and that the model policy meets Solvency II standards.