EIOPA has published an Opinion on External Models/Data used for the calculation of Solvency II capital requirements.  The Opinion states that the national supervisory authorities (NSAs) may request any additional information from insurance companies using external models/data in order to assess whether these companies comply with Solvency II requirements for capital. NSAs will be obliged to reject an internal model application in circumstances where the insurer fails to provide sufficient information for an appropriate assessment of its application.

Please click here to read the full text of the Opinion.