Upcoming Changes SCR – internal models > May be full or partial model > Model must be approved by supervisor > Partial model must be consistent with standard formula > … and limited scope must be justified > Supervisor must approve policy for changes to model >Small changes in line with policy do not need prior approval >Major changes (and changes to policy) always need approval >Cannot revert to standard formula without approval Government Actuary's Department www.gov.uk/gad Slide: 40
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